Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.81% against the USD and closed at USD62.28 per barrel on Friday, extending its previous session gains.
Meanwhile, fresh figures from Baker Hughes disclosed that active oil rigs in the US rose by 4 rigs to 800 in the week ended 16 March.
In the Asian session, at GMT0400, the pair is trading at 62.02, with oil trading 0.42% lower against the USD from Friday’s close, as increased drilling activity in the US indicated a further rise in production, resurfacing concerns over oversupply.
The pair is expected to find support at 61.22, and a fall through could take it to the next support level of 60.42. The pair is expected to find its first resistance at 62.68, and a rise through could take it to the next resistance level of 63.34.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
