Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.36% against the USD and closed at USD71.34 per barrel on Friday, as investors were grappled with concerns over rising US crude production.
Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs in the US remained steady at 844 in the week ended 18 May.
In the Asian session, at GMT0300, the pair is trading at 71.80, with oil trading 0.64% higher against the USD from Friday’s close.
The pair is expected to find support at 71.23, and a fall through could take it to the next support level of 70.67. The pair is expected to find its first resistance at 72.12, and a rise through could take it to the next resistance level of 72.45.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
