Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.66% against the USD and closed at USD44.71 per barrel on Friday, after Saudi Arabia and Iran, two of the world’s largest oil producers, offered little signs to curb output at a meeting next week, raising doubts over a potential deal between major producers to freeze production.
Additionally, the Baker Hughes reported that the number of active US oil rigs rose by 2 to 418 during the last week, hitting its highest level since February 2016.
In the Asian session, at GMT0300, the pair is trading at 44.79, with the oil trading 0.18% higher from Friday’s close.
The pair is expected to find support at 43.82, and a fall through could take it to the next support level of 42.86. The pair is expected to find its first resistance at 46.15, and a rise through could take it to the next resistance level of 47.52.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
