Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.57% against the USD and closed at USD56.12 per barrel on Friday, after a report indicated that UK’s flagged oil tanker was seized by Iranian Revolutionary Guard in the Gulf of Oman. Additionally, fresh figures from Baker Hughes disclosed that the number of active oil rigs fell by 5 to 779 in the week ended 19 July, marking its lowest level since February 2018.
In the Asian session, at GMT0300, the pair is trading at 56.15, with oil trading 0.05% higher against the USD from Friday’s close.
The pair is expected to find support at 55.31, and a fall through could take it to the next support level of 54.46. The pair is expected to find its first resistance at 56.68, and a rise through could take it to the next resistance level of 57.20.
Crude oil is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.