Crude Oil: Oil trading on a stronger footing this morning

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 2.82% against the USD and closed at USD49.35 per barrel on Friday, on concerns that Tropical Storm Nate would cause refiners on US Gulf Coast to slow down.

Separately, Baker Hughes disclosed that active oil rigs in the US dropped by 2 to 748 in the week ended 06 October.

In the Asian session, at GMT0300, the pair is trading at 49.41, with the oil trading 0.12% higher against the USD from Friday’s close.

The pair is expected to find support at 48.73, and a fall through could take it to the next support level of 48.06. The pair is expected to find its first resistance at 50.45, and a rise through could take it to the next resistance level of 51.50.

Crude oil is trading below its 20 Hr and 50 Hr moving averages.

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