Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.04% against the USD and closed at USD51.48 per barrel on Friday, amid mounting hopes that a global crude production deal will finally be implemented ahead of another meeting of oil producers in Vienna over the weekend.
Separately, Baker Hughes reported that number of active oil rigs in the US spiked by 21 to a total of 498 last week.
In the Asian session, at GMT0400, the pair is trading at 53.95, with the oil trading 4.8% higher from yesterday’s close, after OPEC and non-OPEC producers reached their first deal since 2001 to jointly reduce crude output in order to rein in swelling global crude supply and stabilise oil market.
The pair is expected to find support at 51.86, and a fall through could take it to the next support level of 49.78. The pair is expected to find its first resistance at 55.03, and a rise through could take it to the next resistance level of 56.12.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
