Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.41% against the USD and closed at USD59.15 per barrel on Friday, after fresh figures from Baker Hughes disclosed that the number of active oil rigs dropped by 5 to 663 in the week ended 06 December 2019. Additionally, the Organization of the Petroleum Exporting Countries (OPEC) and its allies officially decided to reduce oil output further by 0.5 million barrels per day from January 2020.
In the Asian session, at GMT0400, the pair is trading at 58.89, with oil trading 0.44% lower against the USD from Friday’s close.
The pair is expected to find support at 57.78, and a fall through could take it to the next support level of 56.66. The pair is expected to find its first resistance at 59.93, and a rise through could take it to the next resistance level of 60.96.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.