For the 24 hours to 23:00 GMT, Crude Oil declined 5.83% against the USD and closed at USD53.29 per barrel on Friday, after US President Donald Trump decided to impose tariffs on Mexico thereby raising concerns over global economy and energy demand. Additionally, fresh figures from Baker Hughes disclosed that the number of active oil rigs advanced by 3 to 800 in the week ended 31 May 2019.
In the Asian session, at GMT0300, the pair is trading at 52.93, with oil trading 0.68% lower against the USD from Friday’s close.
The pair is expected to find support at 51.62, and a fall through could take it to the next support level of 50.32. The pair is expected to find its first resistance at 55.22, and a rise through could take it to the next resistance level of 57.52.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
