For the 24 hours to 23:00 GMT, Crude Oil rose 1.03% against the USD and closed at USD70.89 per barrel on Friday, after Baker Hughes reported that the number of active oil rigs fell by 1 to 866 in the week ended 21 September.
In the Asian session, at GMT0300, the pair is trading at 71.53, with oil trading 0.90% higher against the USD from Friday’s close.
The pair is expected to find support at 70.41, and a fall through could take it to the next support level of 69.28. The pair is expected to find its first resistance at 72.23, and a rise through could take it to the next resistance level of 72.92.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.