Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.34% against the USD and closed at USD52.72 per barrel on Friday.

Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs advanced by 7 to 854 in the week ended 08 February 2019.

In the Asian session, at GMT0400, the pair is trading at 52.11, with oil trading 1.16% lower against the USD from Friday’s close.

The pair is expected to find support at 51.68, and a fall through could take it to the next support level of 51.24. The pair is expected to find its first resistance at 52.77, and a rise through could take it to the next resistance level of 53.42.

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

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