For the 24 hours to 23:00 GMT, Crude Oil climbed 5.28% against the USD and closed at USD69.25 per barrel on Friday, after oil producers agreed to a modest rise in crude output. Additionally, Baker Hughes disclosed that the number of active oil rigs in the US fell by 1 to 862 in the week ended 22 June.
In the Asian session, at GMT0300, the pair is trading at 68.34, with oil trading 1.31% lower against the USD from Friday’s close.
The pair is expected to find support at 66.49, and a fall through could take it to the next support level of 64.63. The pair is expected to find its first resistance at 69.79, and a rise through could take it to the next resistance level of 71.23.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
