Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.09% against the USD and closed at USD53.81 per barrel on Friday, amid rising concerns that US sanctions on Iran could hamper the nation’s crude supplies.
However, the gains were capped after Baker Hughes disclosed that US oil rig count rose by 17 to 583 in the week ended 03 February 2017, adding the most number of rigs since October 2015.
In the Asian session, at GMT0400, the pair is trading at 54.00, with the oil trading 0.35% higher from Friday’s close.
The pair is expected to find support at 53.53, and a fall through could take it to the next support level of 53.05. The pair is expected to find its first resistance at 54.35, and a rise through could take it to the next resistance level of 54.69.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
