For the 24 hours to 23:00 GMT, Crude Oil declined 2.2% against the USD and closed at USD48.45 per barrel on Friday, after Baker Hughes disclosed that US crude oil rig count rose by 8 to a total of 617 in the week ended 10 March, hitting its highest level since September 2015.
In the Asian session, at GMT0400, the pair is trading at 48.08, with the oil trading 0.76% lower from Friday’s close.
The pair is expected to find support at 47.32, and a fall through could take it to the next support level of 46.55. The pair is expected to find its first resistance at 49.48, and a rise through could take it to the next resistance level of 50.87.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.