Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.62% against the USD and closed at USD55.27 per barrel on Friday, after fresh figures from Baker Hughes disclosed that the number of active rigs fell by 6 to 770 in the week ended 02 August 2019, marking its lowest since February 2018.
In the Asian session, at GMT0300, the pair is trading at 55.20, with oil trading 0.13% lower against the USD from Friday’s close.
The pair is expected to find support at 54.58, and a fall through could take it to the next support level of 53.95. The pair is expected to find its first resistance at 55.94, and a rise through could take it to the next resistance level of 56.67.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.