Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.62% against the USD and closed at USD57.95 per barrel on Friday, amid mounting concerns over US-China trade talks. Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs dropped by 3 to 671 in the week ended 22 November 2019.
In the Asian session, at GMT0400, the pair is trading at 57.89, with oil trading 0.10% lower against the USD from Friday’s close.
The pair is expected to find support at 57.35, and a fall through could take it to the next support level of 56.80. The pair is expected to find its first resistance at 58.59, and a rise through could take it to the next resistance level of 59.28.
Crude oil is trading below its 20 Hr and showing convergence with its 50 Hr moving average.
