Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil declined 5.69% against the USD and closed at 29.36, led by weak demand of the commodity and worries over the worsening global oil surplus.
On Friday, Baker Hughes oil rig count fell to a level of 515 in the week ended 15 January, the least since April 2010.
In the Asian session, at GMT0400, the pair is trading at 29.18, with the oil trading 0.61% lower from Friday’s close.
Over the weekend, international sanctions against Iran were officially lifted by the US, paving way for the nation to resume its crude exports.
The pair is expected to find support at 28.35, and a fall through could take it to the next support level of 27.52. The pair is expected to find its first resistance at 30.38, and a rise through could take it to the next resistance level of 31.58.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
