Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.41% against the USD and closed at USD48.76 per barrel on Friday, after the International Energy Agency (IEA) stated that global oil demand will grow more-than-expected this year and will likely drain a global supply glut.
The IEA revised up its 2017 global crude oil demand and now expects oil demand to increase to 1.5 million barrels per day (bpd), up from a previous expectation of 1.4 million bpd.
Separately, Baker Hughes disclosed that US rig count rose by 3 to 768 in the week ended 11 August.
In the Asian session, at GMT0300, the pair is trading at 48.73, with the oil trading 0.06% lower against the USD from Friday’s close.
The pair is expected to find support at 48.15, and a fall through could take it to the next support level of 47.56. The pair is expected to find its first resistance at 49.15, and a rise through could take it to the next resistance level of 49.56.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
