For the 24 hours to 23:00 GMT, Crude Oil rose 0.70% against the USD and closed at USD57.20 per barrel on Friday, after fresh figures from Baker Hughes disclosed that the number of active oil rigs declined by 4 to 853 in the week ended 22 February 2019.
In the Asian session, at GMT0400, the pair is trading at 57.10, with oil trading 0.17% lower against the USD from Friday’s close.
The pair is expected to find support at 56.67, and a fall through could take it to the next support level of 56.25. The pair is expected to find its first resistance at 57.67, and a rise through could take it to the next resistance level of 58.23.
Crude oil is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
