Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.02% against the USD and closed at USD53.19 per barrel on Friday, after Baker Hughes data suggested that oil-drilling in US is ramping up.
Baker Hughes disclosed that US oil rig count rose by 15 to a total of 566 in the week ended 27 January, adding the most since November 2015.
In the Asian session, at GMT0400, the pair is trading at 52.88, with the oil trading 0.58% lower from Friday’s close.
The pair is expected to find support at 52.28, and a fall through could take it to the next support level of 51.68. The pair is expected to find its first resistance at 53.78, and a rise through could take it to the next resistance level of 54.68.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
