Crude Oil Movement
Crude Oil prices advanced 1.96% against the USD for the 24 hour period ending 23:00GMT, closing at 37.42, after the Baker Hughes weekly rig count report showed that the number of working US oil rigs dropped by 2 to 536 in the week ended 31 December, closing the year below 700 rigs for the first time since 1999.
In the Asian session, at GMT0400, the pair is trading at 37.81, with the oil trading 2.08% higher from Thursday’s close.
The pair is expected to find support at 37.13, and a fall through could take it to the next support level of 36.44. The pair is expected to find its first resistance at 38.41, and a rise through could take it to the next resistance level of 39.00.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
