Crude Oil Movement
Crude Oil prices declined 0.51% against the USD for the 24-hour period ending 23:00GMT, closing at 48.78, after Baker Hughes reported that the US oil rig count increased by nine to a level of 325 in the week ended June 03, its first increase in 11 weeks.
In the Asian session, at GMT0300, the pair is trading at 49.07, with the oil trading 0.59% higher from Friday’s close.
The pair is expected to find support at 48.46, and a fall through could take it to the next support level of 47.86. The pair is expected to find its first resistance at 49.54, and a rise through could take it to the next resistance level of 50.02.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
