Crude Oil Movement
Crude Oil prices plunged 3.40% against the USD for the 24-hour period ending 23:00GMT on Friday, closing at 45.69, after Baker Hughes reported that the number of active US oil rigs rose by 7 during the week ended 09 September, bringing the total rig count up to 414, the highest since February 2016.
In the Asian session, at GMT0300, the pair is trading at 45.06, with the oil trading 1.38% lower from Friday’s close.
The pair is expected to find support at 44.30, and a fall through could take it to the next support level of 43.55. 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 48.03.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
