Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 3.58% against the USD and closed at USD48.64 per barrel on Friday, following reports of a unit shutdown at one of the largest oil refineries in the US.
Additionally, Baker Hughes disclosed that active oil rigs in the US fell by 5 to 763 in the week ended 18 August.
In the Asian session, at GMT0300, the pair is trading at 48.53, with the oil trading 0.23% lower against the USD from Friday’s close.
The pair is expected to find support at 47.29, and a fall through could take it to the next support level of 46.06. The pair is expected to find its first resistance at 49.25, and a rise through could take it to the next resistance level of 49.98.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
