Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.51% against the USD and closed at USD68.99 per barrel, after a committee of OPEC and non-OPEC producers announced that oil producers participating in a supply-reduction agreement have cut output in July by 9.0%.

On Friday, fresh figures from Baker Hughes disclosed that the number of active oil rigs fell by 9 to 860 in the week ended 24 August, marking its fastest pace since May 2016.

In the Asian session, at GMT0300, the pair is trading at 68.89, with oil trading 0.14% lower against the USD from yesterday’s close.

The pair is expected to find support at 68.44, and a fall through could take it to the next support level of 67.99. The pair is expected to find its first resistance at 69.24, and a rise through could take it to the next resistance level of 69.59.

Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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