Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil declined 0.66% against the USD and closed at 33.33. However, losses in oil prices were kept in check amid hopes of an output cut by the Organisation of the Petroleum Exporting Countries (OPEC) to curb the global supply glut.
Separately, Baker Hughes reported that US oil rig count fell to a level of 498 in the week ended 29 January, from a level of 510 in the previous week.
In the Asian session, at GMT0400, the pair is trading at 33.02, with the oil trading 0.93% lower from Friday’s close.
The pair is expected to find support at 32.31, and a fall through could take it to the next support level of 31.61. The pair is expected to find its first resistance at 34.06, and a rise through could take it to the next resistance level of 35.11.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
