For the 24 hours to 23:00 GMT, Crude Oil declined 0.05% against the USD and closed at USD58.60 per barrel on Friday. Separately, Baker Hughes reported that US oil rig count rose by 14 to 673 last week.
In the Asian session, at GMT0400, the pair is trading at 59.13, with oil trading 0.90% higher against the USD from Friday’s close, after two large crude production bases in Libya began shutting down amid a military blockade.
The pair is expected to find support at 58.51, and a fall through could take it to the next support level of 57.89. The pair is expected to find its first resistance at 59.51, and a rise through could take it to the next resistance level of 59.89.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
