Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.21% against the USD and closed at USD56.17 per barrel on Friday, after fresh figures from Baker Hughes disclosed that the number of active oil rigs fell by 3 to 776 in the week ended 26 July 2019.
In the Asian session, at GMT0300, the pair is trading at 56.07, with oil trading 0.18% lower against the USD from Friday’s close, amid signs of “constructive” talks on Iran’s nuclear deal.
The pair is expected to find support at 55.64, and a fall through could take it to the next support level of 55.22. The pair is expected to find its first resistance at 56.53, and a rise through could take it to the next resistance level of 57.00.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
