For the 24 hours to 23:00 GMT, Crude Oil rose 0.75% against the USD and closed at USD52.50 per barrel on Friday, after fresh figures from Baker Hughes revealed that the number of active oil rigs declined by 1 to 788 in the week ended 14 June 2019. Moreover, the International Energy Agency (IEA) slashed its 2019 global oil demand growth forecast to 1.2 million barrels per day from 1.3 million barrels per day in the prior month.
In the Asian session, at GMT0300, the pair is trading at 52.65, with oil trading 0.29% higher against the USD from Friday’s close.
The pair is expected to find support at 51.91, and a fall through could take it to the next support level of 51.16. The pair is expected to find its first resistance at 53.19, and a rise through could take it to the next resistance level of 53.72.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.