Crude Oil Movement
Crude Oil prices declined 1.06% against the USD for the 24 hour period ending 23:00GMT, closing at 34.47, after the US oil rig count unexpectedly rose for the first time in five weeks.
The Baker Hughes report disclosed that the number of working US oil rigs increased by 17 to 541 in the week ended 18 December.
In the Asian session, at GMT0400, the pair is trading at 34.53, with the oil trading 0.17% higher from Friday’s close.
The pair is expected to find support at 34.02, and a fall through could take it to the next support level of 33.52. The pair is expected to find its first resistance at 35.30, and a rise through could take it to the next resistance level of 36.08.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
