For the 24 hours to 23:00 GMT, Crude Oil rose 0.59% against the USD and closed at USD57.65 per barrel on Friday, amid possible interruption in global crude supplies due to ongoing Middle East tensions.
Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs rose by 1 to 789 in the week ended 21 June 2019.
In the Asian session, at GMT0300, the pair is trading at 57.82, with oil trading 0.29% higher against the USD from Friday’s close.
The pair is expected to find support at 56.99, and a fall through could take it to the next support level of 56.17. The pair is expected to find its first resistance at 58.31, and a rise through could take it to the next resistance level of 58.81.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.