Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.06% against the USD and closed at USD61.66 per barrel on Friday, after fresh figures from Baker Hughes showed weekly rise in the number of active US oil rigs, marking its highest level since April 2015 last week.
Baker Hughes reported that US oil rigs increased by 7 to 791 in the week ended 16 February.
In the Asian session, at GMT0400, the pair is trading at 62.49, with oil trading 1.35% higher against the USD from Friday’s close, amid concerns over tensions in the Middle East.
The pair is expected to find support at 61.41, and a fall through could take it to the next support level of 60.33. The pair is expected to find its first resistance at 63.04, and a rise through could take it to the next resistance level of 63.59.
Crude oil is trading above its 20 Hr and 50 Hr moving average.
