For the 24 hours to 23:00 GMT, Crude Oil rose 1.15% against the USD and closed at USD52.04 per barrel on Friday, as reports of oil purchases by Chinese refiners eased concerns about a slowdown in oil demand. Separately, Baker Hughes reported that US oil rig count rose by 2 to 678 last week.
In the Asian session, at GMT0400, the pair is trading at 52.03, with oil trading slightly lower against the USD from Friday’s close.
The pair is expected to find support at 51.49, and a fall through could take it to the next support level of 50.96. The pair is expected to find its first resistance at 52.45, and a rise through could take it to the next resistance level of 52.88.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.