Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.13% against the USD and closed at USD53.36 per barrel on Friday, after Baker Hughes disclosed that active oil rigs in the US rose by 6 to 597 in the week ended 10 February 2017.
In the Asian session, at GMT0400, the pair is trading at 53.46, with the oil trading 0.19% higher from Friday’s close.
The pair is expected to find support at 53.05, and a fall through could take it to the next support level of 52.65. The pair is expected to find its first resistance at 53.69, and a rise through could take it to the next resistance level of 53.93.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
