Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.51% against the USD and closed at USD68.57 per barrel on Friday, amid increasing global crude oil output.

Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs dropped by 2 at 859 in the week ended 03 August.

In the Asian session, at GMT0300, the pair is trading at 68.78, with oil trading 0.31% higher against the USD from Friday’s close, after Saudi crude production unexpectedly fell in July and as American shale drilling stalled.

The pair is expected to find support at 68.02, and a fall through could take it to the next support level of 67.26. The pair is expected to find its first resistance at 69.39, and a rise through could take it to the next resistance level of 70.00.

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

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