For the 24 hours to 23:00 GMT, Crude Oil declined 0.92% against the USD and closed at USD59.03 per barrel on Friday, as worries over the US-Iran conflict eased. Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs dropped by 11 to 659 in the week ended 10 January 2020.
In the Asian session, at GMT0400, the pair is trading at 59.05, with oil trading marginally higher against the USD from Friday’s close.
The pair is expected to find support at 58.65, and a fall through could take it to the next support level of 58.24. 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 60.18.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
