Analysis | Commodity Market Commentaries |
Written by GCI Financial |
Mon Jan 09 17 02:25 ET
For the 24 hours to 23:00 GMT, Crude Oil marginally rose against the USD and closed at USD53.75 per barrel on Friday. Meanwhile, Baker Hughes disclosed that US oil rigs increased by 4 to 529 last week.
In the Asian session, at GMT0400, the pair is trading at 53.75, with the oil trading flat from Friday's close.
The pair is expected to find support at 53.27, and a fall through could take it to the next support level of 52.80. The pair is expected to find its first resistance at 54.27, and a rise through could take it to the next resistance level of 54.80.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.