Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.63% against the USD and closed at USD70.65 per barrel on Friday, as strike actions in Norway and Iraq hit supplies.
Separately, fresh figures from Baker Hughes disclosed that the number of active US oil rigs remained steady at 863 in the week ended 13 July 2018.
In the Asian session, at GMT0300, the pair is trading at 70.62, with oil trading a tad lower against the USD from Friday’s close, as worries over supply disruptions faded and Libyan ports resumed export activities.
The pair is expected to find support at 69.75, and a fall through could take it to the next support level of 68.89. The pair is expected to find its first resistance at 71.57, and a rise through could take it to the next resistance level of 72.53.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
