Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.36% against the USD and closed at USD66.13 per barrel on Friday, helped by strong crude demand outlook and a weaker US Dollar.
Separately, Baker Hughes disclosed that US rig count rose by 12 to 759 in the week ended 26 January, posting the biggest weekly increase since March 2017.
In the Asian session, at GMT0400, the pair is trading at 66.36, with oil trading 0.35% higher against the USD from Friday’s close.
The pair is expected to find support at 65.61, and a fall through could take it to the next support level of 64.87. The pair is expected to find its first resistance at 66.78, and a rise through could take it to the next resistance level of 67.21.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
