Crude Oil Movement
Crude Oil prices advanced 4.49% against the USD for the 24-hour period ending 23:00GMT, closing at 48.14, snapping a six-session losing streak, as market anxiety about Britain’s possible exit from the European Union eased, driving up oil prices.
Separately, Baker Hughes reported that the total US oil rig count increased by 10 to a level of 424 in the week ended June 17, its third consecutive weekly increase.
In the Asian session, at GMT0300, the pair is trading at 48.43, with the oil trading 0.6% higher from Friday’s close.
The pair is expected to find support at 47.09, and a fall through could take it to the next support level of 45.75. The pair is expected to find its first resistance at 49.17, and a rise through could take it to the next resistance level of 49.91.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
