For the 24 hours to 23:00 GMT, Crude Oil rose 1.84% against the USD and closed at USD73.47 per barrel on Friday, after fresh figures from Baker Hughes disclosed that the number of active oil rigs dropped by 3 rigs to settle at 863 in the week ended 28 September.
In the Asian session, at GMT0300, the pair is trading at 73.58, with oil trading 0.15% higher against the USD from Friday’s close.
The pair is expected to find support at 72.39, and a fall through could take it to the next support level of 71.21. The pair is expected to find its first resistance at 74.25, and a rise through could take it to the next resistance level of 74.91.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.