Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.17% against the USD and closed at USD60.25 per barrel, amid optimism that OPEC-led efforts to restrict crude output would draw down the bloated crude market in the new year.
Meanwhile, fresh figures from Baker Hughes disclosed that active oil rigs in the US remained steady at 747 during the week ended 29 December.
In the Asian session, at GMT0400, the pair is trading at 60.58, with oil trading 0.55% higher against the USD from yesterday’s close.
The pair is expected to find support at 60.07, and a fall through could take it to the next support level of 59.56. The pair is expected to find its first resistance at 60.91, and a rise through could take it to the next resistance level of 61.24.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
