Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.21% against the USD and closed at 45.96, after strong economic data from the US and China boosted the demand outlook for the commodity.
However, gains in crude prices were slightly trimmed after Baker Hughes disclosed that US rig count rose by 6 to a level of 357 in the last week, the highest count since April 2016.
In the Asian session, at GMT0300, the pair is trading at 46.00, with the oil trading 0.09% higher from Friday’s close.
The pair is expected to find support at 45.26, and a fall through could take it to the next support level of 44.51. The pair is expected to find its first resistance at 46.54, and a rise through could take it to the next resistance level of 47.07.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
