For the 24 hours to 23:00 GMT, Crude Oil rose 0.19% against the USD and closed at USD47.90 on Friday, amid expectations that OPEC-led production cuts could be extended beyond the middle of 2017.
Separately, Baker Hughes disclosed that US oil rigs rose by 9 to 712 in the week ended 12 May, adding the most rigs since April 2015.
In the Asian session, at GMT0300, the pair is trading at 48.65, with the oil trading 1.57% higher from Friday’s close.
The pair is expected to find support at 47.78, and a fall through could take it to the next support level of 46.91. The pair is expected to find its first resistance at 49.09, and a rise through could take it to the next resistance level of 49.53.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.