Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.14% against the USD and closed at USD51.36 per barrel on Friday, amid simmering tension in Iraq and as the US President, Donald Trump, refused to formally certify Iran’s compliance with a nuclear agreement.
Additionally, Baker Hughes disclosed that active oil rigs in the US dropped by 5 to 743 in the week to 13 October.
In the Asian session, at GMT0300, the pair is trading at 51.89, with the oil trading 1.03% higher against the USD from Friday’s close, as news that Iraq’s national army advanced towards Kurdish region led to speculation over potential output disruptions.
The pair is expected to find support at 51.17, and a fall through could take it to the next support level of 50.45. The pair is expected to find its first resistance at 52.27, and a rise through could take it to the next resistance level of 52.65.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
