Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.18% against the USD and closed at USD50.62 per barrel on Friday, after the Organisation of the Petroleum Exporting Countries (OPEC) stated that the countries participating in a production-cut agreement reached record monthly compliance and noted that oil producers may wait until January 2018 before deciding whether to extend output curbs beyond the first quarter of 2018.
Separately, Baker Hughes disclosed that active oil rigs in US fell by 5 to 744 last week.
In the Asian session, at GMT0300, the pair is trading at 50.58, with the oil trading 0.08% lower against the USD from Friday’s close.
The pair is expected to find support at 50.32, and a fall through could take it to the next support level of 50.06. The pair is expected to find its first resistance at 50.81, and a rise through could take it to the next resistance level of 51.04.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
