Crude Oil: Oil trading on a weaker footing this morning

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.14% against the USD and closed at USD48.74 per barrel on Friday, on concerns that an OPEC production cut was failing to reduce a global supply glut.

Additionally, Baker Hughes disclosed that active oil rigs in US increased by 14 in the week ended 17 March to a total of 631.

In the Asian session, at GMT0400, the pair is trading at 48.37, with the oil trading 0.76% lower against the USD from Friday’s close.

The pair is expected to find support at 48.02, and a fall through could take it to the next support level of 47.67. The pair is expected to find its first resistance at 48.96, and a rise through could take it to the next resistance level of 49.55.

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

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