Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.44% against the USD and closed at USD68.11 per barrel on Friday, after fresh figures from Baker Hughes disclosed that active oil rigs in US increased by 5 to 820 in the week ended 20 April, thus pointing to a further rise in the nation’s crude output. Moreover, comments from the US President, Donald Trump that prices were “artificially very high” further weighed on oil prices.
In the Asian session, at GMT0300, the pair is trading at 68.23, with oil trading 0.18% higher against the USD from Friday’s close.
The pair is expected to find support at 67.59, and a fall through could take it to the next support level of 66.96. The pair is expected to find its first resistance at 68.76, and a rise through could take it to the next resistance level of 69.30.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
