For the 24 hours to 23:00 GMT, Crude Oil rose 2.89% against the USD and closed at USD46.23 per barrel on Friday, after fresh figures from Baker Hughes showed that US oil rigs dropped for the first time in 24 weeks.
The number of active oil rigs in the US declined by 2 to 756 in the week ended 30 June.
In the Asian session, at GMT0300, the pair is trading at 46.25, with the oil trading a tad higher against the USD from Friday’s close.
The pair is expected to find support at 45.44, and a fall through could take it to the next support level of 44.62. The pair is expected to find its first resistance at 46.71, and a rise through could take it to the next resistance level of 47.16.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.