Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 2.52% against the USD and closed at USD 44.70 per barrel, amid rising speculations that the Organisation of the Petroleum Exporting Countries (OPEC) will meet soon to discuss output stabilisation.
Separately, Baker Hughes disclosed that US oil rig count rose for the seventh-straight week, after it advanced by 15 to a total of 381 last week.
In the Asian session, at GMT0300, the pair is trading at 44.93, with the oil trading 0.51% higher from Friday’s close.
The pair is expected to find support at 43.84, and a fall through could take it to the next support level of 42.76. The pair is expected to find its first resistance at 45.48, and a rise through could take it to the next resistance level of 46.04.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
