For the 24 hours to 23:00 GMT, Crude Oil rose 1.08% against the USD and closed at USD49.49 per barrel on Friday, after Baker Hughes reported that active oil rigs in the US fell by 1 to 765 in the week ended 04 August 2017.
In the Asian session, at GMT0300, the pair is trading at 49.54, with the oil trading 0.1% higher against the USD from Friday’s close.
The pair is expected to find support at 48.80, and a fall through could take it to the next support level of 48.07. The pair is expected to find its first resistance at 49.97, and a rise through could take it to the next resistance level of 50.41.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.