Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.51% against the USD and closed at USD67.72 per barrel on Friday, after the International Energy Agency increased its forecast for global oil demand growth by 110,000bls a day to 1.5mn bls for 2019.
Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs rose by 10 to 869 in the week ended 10 August.
In the Asian session, at GMT0300, the pair is trading at 67.63, with oil trading 0.13% lower against the USD from Friday’s close, as rising geopolitical trade tensions dampened demand for the commodity.
The pair is expected to find support at 66.56, and a fall through could take it to the next support level of 65.48. The pair is expected to find its first resistance at 68.29, and a rise through could take it to the next resistance level of 68.94.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
