Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.97% against the USD and closed at USD67.67 per barrel on Friday, amid worries over global supply levels.

Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs rose for the third consecutive week by 2 to 875 in the week ended 26 October, marking its highest level since 2015.

In the Asian session, at GMT0400, the pair is trading at 67.63, with oil trading 0.06% lower against the USD from Friday’s close.

The pair is expected to find support at 66.57, and a fall through could take it to the next support level of 65.51. The pair is expected to find its first resistance at 68.32, and a rise through could take it to the next resistance level of 69.01.

Crude oil is trading above its 20 Hr and 50 Hr moving averages.

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