Crude Oil Movement
Crude Oil prices advanced 5.10% against the USD for the 24-hour period ending 23:00GMT, closing at 42.64, amid ECB stimulus hopes and after Baker Hughes report disclosed that US oil rig count fell during the previous week.
The weekly rig count report showed that the number of working US oil rigs dropped by 10 to 564 in the week ended 20 November.
In the Asian session, at GMT0400, the pair is trading at 41.13, with the oil trading 3.54% lower from Friday’s close.
The pair is expected to find support at 40.22, and a fall through could take it to the next support level of 39.31. The pair is expected to find its first resistance at 42.40, and a rise through could take it to the next resistance level of 43.67.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
