Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.07% against the USD and closed at USD68.08 per barrel on Friday, after Baker Hughes disclosed that active oil rigs in the US increased by 5 to 825 in the week ended 27 April.
In the Asian session, at GMT0300, the pair is trading at 67.88, with oil trading 0.29% lower against the USD from Friday’s close.
The pair is expected to find support at 67.56, and a fall through could take it to the next support level of 67.24. The pair is expected to find its first resistance at 68.28, and a rise through could take it to the next resistance level of 68.68.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
