For the 24 hours to 23:00 GMT, Crude Oil rose 1.26% against the USD and closed at USD54.67 per barrel on Friday, as crude supply disruptions escalated following an attack on Iranian oil tanker by two suspected rockets in the Red Sea.
Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs rose by 2 to 712 in the week ended 11 May 2019.
In the Asian session, at GMT0300, the pair is trading at 54.43, with oil trading 0.44% lower against the USD from Friday’s close.
The pair is expected to find support at 53.74, and a fall through could take it to the next support level of 53.04. The pair is expected to find its first resistance at 55.03, and a rise through could take it to the next resistance level of 55.62.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
