Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil climbed 3.42% against the USD and closed at USD53.23 per barrel on Friday, on hopes that a weekend meeting of top oil producers would demonstrate compliance to a global output cut agreement.
Separately, Baker Hughes disclosed that active oil rigs in US jumped by 29 to 551 last week.
In the Asian session, at GMT0400, the pair is trading at 53.30, with the oil trading 0.13% higher from Friday’s close, buoyed by statements from major oil producers over the weekend that an output cut was being successfully implemented.
The pair is expected to find support at 51.98, and a fall through could take it to the next support level of 50.65. The pair is expected to find its first resistance at 54.15, and a rise through could take it to the next resistance level of 54.99.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
