Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 3.56% against the USD and closed at 29.53, as record high US crude stockpiles escalated concerns that the plan to freeze output would do little to curb the persistent global supply glut.
Separately, Baker Hughes report showed that the US oil rig count fell by 26 to a record low level of 413 in the week ended 19 February.
In the Asian session, at GMT0400, the pair is trading at 30.20, with the oil trading 2.27% higher from Friday’s close.
The pair is expected to find support at 29.26, and a fall through could take it to the next support level of 28.31. The pair is expected to find its first resistance at 30.94, and a rise through could take it to the next resistance level of 31.67.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
