Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.04% against the USD and closed at USD53.26 per barrel on Friday.
Meanwhile, Baker Hughes disclosed that US oil rig count rose by 7 to 609 in the week ended 03 March 2017, reaching its highest level since October 2015.
In the Asian session, at GMT0400, the pair is trading at 53.11, with the oil trading 0.28% lower against the USD from Friday’s close, amid concerns over Russia’s compliance with a global deal to cut oil output.
The pair is expected to find support at 52.66, and a fall through could take it to the next support level of 52.22. The pair is expected to find its first resistance at 53.47, and a rise through could take it to the next resistance level of 53.84.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
