Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.33% against the USD and closed at USD45.85 per barrel on Friday, on reports of a pipeline stoppage in Nigeria that eased some fears of a global supply glut.
Separately, fresh figures form Baker Hughes showed that US oil-rig count rose by 8 to 741 last week, hitting its highest level in more than two years.
In the Asian session, at GMT0300, the pair is trading at 46.05, with the oil trading 0.44% higher against the USD from Friday’s close.
The pair is expected to find support at 45.49, and a fall through could take it to the next support level of 44.92. The pair is expected to find its first resistance at 46.40, and a rise through could take it to the next resistance level of 46.74.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
