Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.72% against the USD and closed at USD52.03 per barrel on Friday, extending its previous session gains.
Separately, Baker Hughes disclosed that US oil rig count jumped by 12 to a total of 510, hitting its highest level since January 2016.
In the Asian session, at GMT0400, the pair is trading at 52.33, with the oil trading 0.58% higher from Friday’s close.
The pair is expected to find support at 51.05, and a fall through could take it to the next support level of 49.76. The pair is expected to find its first resistance at 53.07, and a rise through could take it to the next resistance level of 53.80.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
