Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.31% against the USD and closed at 41.91.
However, crude prices paired gains, after the Baker Hughes disclosed that US rig count rose for a sixth straight week, advancing by 7 to a level of 381 in the last week.
In the Asian session, at GMT0300, the pair is trading at 41.84, with the oil trading 0.17% lower from Friday’s close.
The pair is expected to find support at 41.23, and a fall through could take it to the next support level of 40.63. The pair is expected to find its first resistance at 42.27, and a rise through could take it to the next resistance level of 42.71.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
