Crude Oil Movement
Crude Oil prices declined 2.48% against the USD for the 24 hour period ending 23:00GMT, closing at 35.71, after the International Energy Agency (IEA) reported that global supply glut would continue in 2016.
Separately, Baker Hughes weekly rig count report showed that the number of working US oil rigs dropped by 21 to 524 in the week ended 11 December, the least since April 2010.
In the Asian session, at GMT0400, the pair is trading at 35.46, with the oil trading 0.7% lower from Friday’s close.
The pair is expected to find support at 34.80, and a fall through could take it to the next support level of 34.14. The pair is expected to find its first resistance at 36.48, and a rise through could take it to the next resistance level of 37.50.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
