Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.99% against the USD and closed at USD52.85 per barrel on Friday, as the release of US jobs data helped calm fears of a global economic slowdown. Moreover, Baker Hughes data indicated that the number of active oil rigs declined by 3 to 710 in the week ended 04 October 2019.
In the Asian session, at GMT0300, the pair is trading at 52.63, with oil trading 0.42% lower against the USD from Friday’s close.
The pair is expected to find support at 51.99, and a fall through could take it to the next support level of 51.36. The pair is expected to find its first resistance at 53.31, and a rise through could take it to the next resistance level of 53.98.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
