Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.32% against the USD and closed at USD66.98 per barrel.
However, gains in crude prices were limited, as investors were grappled with concerns that major oil producers such Saudi Arabia and Russia would boost crude production.
Separately, on Friday, Baker Hughes reported that the US oil rig count rose by 15 to 859 in the week ended 25 May.
In the Asian session, at GMT0300, the pair is trading at 66.77, with oil trading 0.31% lower against the USD from yesterday’s close.
The pair is expected to find support at 66.10, and a fall through could take it to the next support level of 65.44. The pair is expected to find its first resistance at 67.33, and a rise through could take it to the next resistance level of 67.90.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
