Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.71% against the USD and closed at USD59.92 per barrel on Friday, after the US and China reached a preliminary phase one trade agreement.
Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs to rose by 4 to 667 in the week ended 13 December 2019.
In the Asian session, at GMT0400, the pair is trading at 59.83, with oil trading 0.15% lower against the USD from Friday’s close.
The pair is expected to find support at 59.24, and a fall through could take it to the next support level of 58.65. The pair is expected to find its first resistance at 60.45, and a rise through could take it to the next resistance level of 61.07.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
