Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 3.53% against the USD and closed at USD56.02 per barrel on Friday, after fresh figures from Baker Hughes disclosed that the number of active oil rigs declined by 5 to 691 for the week ended 01 November 2019, marking its lowest level since April 2017.
In the Asian session, at GMT0400, the pair is trading at 55.89, with oil trading 0.23% lower against the USD from Friday’s close.
The pair is expected to find support at 54.57, and a fall through could take it to the next support level of 53.25. The pair is expected to find its first resistance at 56.77, and a rise through could take it to the next resistance level of 57.65.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
