For the 24 hours to 23:00 GMT, Crude Oil declined 1.69% against the USD and closed at USD58.87 per barrel on Friday, amid worries over global energy demand.
Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs fell by 9 to 824 in the week ended 22 March 2019.
In the Asian session, at GMT0400, the pair is trading at 58.50, with oil trading 0.63% lower against the USD from Friday’s close.
The pair is expected to find support at 57.83, and a fall through could take it to the next support level of 57.16. The pair is expected to find its first resistance at 59.62, and a rise through could take it to the next resistance level of 60.74.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
