Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 2.17% against the USD and closed at USD48.09 per barrel on Friday, amid upbeat US economic data and renewed optimism over US-China trade talks. Additionally, fresh figures from Baker Hughes disclosed that the number of active oil rigs fell by 8 at 877 in the week ended 28 December.
Meanwhile, the Energy Information Administration (EIA) report indicated that US crude oil stockpiles rose 7000 barrels to 441.4 million barrels in the week ended 28 December.
In the Asian session, at GMT0400, the pair is trading at 48.47, with oil trading 0.79% higher against the USD from Friday’s close.
The pair is expected to find support at 47.23, and a fall through could take it to the next support level of 45.50. The pair is expected to find its first resistance at 49.46, and a rise through could take it to the next resistance level of 50.46.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.