For the 24 hours to 23:00 GMT, Crude Oil declined 2.65% against the USD and closed at USD55.09 per barrel on Friday, after Russian Energy Minister, Alexander Novak, stated that Russia’s oil output cuts in August will be slightly lower than agreed earlier under the deal between OPEC and non-OPEC producers. Meanwhile, Baker Hughes reported that US oil rig count fell by 12 to 742 last week.
In the Asian session, at GMT0300, the pair is trading at 54.99, with oil trading 0.18% lower against the USD from Friday’s close, amid new round of tariffs in the US-China trade war.
The pair is expected to find support at 54.13, and a fall through could take it to the next support level of 53.27. The pair is expected to find its first resistance at 56.27, and a rise through could take it to the next resistance level of 57.55.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.