Crude Oil Movement
Crude Oil prices advanced 1.52% against the USD for the 24-hour period ending Friday 23:00GMT, closing at 44.21, after Russian President, Vladimir Putin, voiced his support for the Organisation of the Petroleum Exporting Countries’ attempt to implement an output freeze with other oil producers.
Separately, Baker Hughes reported that the US oil rig count rose by 1 to 407 during the week ended 02 September.
In the Asian session, at GMT0300, the pair is trading at 44.10, with the oil trading 0.25% lower from Friday’s close.
The pair is expected to find support at 43.28, and a fall through could take it to the next support level of 42.47. The pair is expected to find its first resistance at 44.79, and a rise through could take it to the next resistance level of 45.49.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
