Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.40% against the USD and closed at USD65.94 per barrel on Friday, amid growing expectations that the Organisation of the Petroleum Exporting Countries (OPEC) and Russia could extend the deal to freeze crude production into 2019 and amid renewed risk of sanctions on Iran.
Meanwhile, Baker Hughes disclosed that active oil rigs in the US rose by 4 to 804 in the week ended 23 March.
In the Asian session, at GMT0300, the pair is trading at 65.57, with oil trading 0.56% lower against the USD from Friday’s close.
The pair is expected to find support at 64.50, and a fall through could take it to the next support level of 63.42. The pair is expected to find its first resistance at 66.55, and a rise through could take it to the next resistance level of 67.52.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
