Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.08% against the USD and closed at USD61.67 per barrel on Friday, amid mounting trade tensions between US-China.

Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs fell by 2 to 805 in the week ended 10 May 2019.

In the Asian session, at GMT0300, the pair is trading at 61.61, with oil trading 0.10% lower against the USD from yesterday’s close.

The pair is expected to find support at 61.06, and a fall through could take it to the next support level of 60.52. The pair is expected to find its first resistance at 62.30, and a rise through could take it to the next resistance level of 62.99.

Crude oil is trading below its 20 Hr and 50 Hr moving averages.

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