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Crude Oil: Oil Trading Flat In The Asian Session

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Fundamental analysis of Forex market

For the 24 hours to 23:00 GMT, Crude Oil declined 2.14% against the USD and closed at USD68.10 per barrel on Friday.

Separately, fresh figures from Baker Hughes disclosed that the number of active US oil rigs fell by 5 to 858 in the week ended 20 July.

In the Asian session, at GMT0300, the pair is trading at 68.10, with oil trading flat against the USD from Friday’s close.

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The pair is expected to find support at 67.29, and a fall through could take it to the next support level of 66.49. The pair is expected to find its first resistance at 69.30, and a rise through could take it to the next resistance level of 70.51.

Crude oil is trading below its 20 Hr and 50 Hr moving averages.