Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 2.65% against the USD and closed at USD60.76 per barrel, buoyed by upbeat comments from the Saudi Arabia’s Energy Minister.
Saudi Arabia’s Energy Minister, Khalid al-Falih, stated that major oil producers would favour a undersupplied oil market than ending supply cuts deal too early.
Separately, the Energy Information Administration (EIA) stated that US crude oil stockpiles rose by 1.8 million barrels to 422.1 million in the week ended 09 February.
In the Asian session, at GMT0400, the pair is trading at 61.33, with oil trading 0.94% higher against the USD from yesterday’s close.
The pair is expected to find support at 59.23, and a fall through could take it to the next support level of 57.14. The pair is expected to find its first resistance at 62.39, and a rise through could take it to the next resistance level of 63.46.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
