Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.16% against the USD and closed at USD44.17 per barrel on Friday, as signs of tensions arose between Saudi Arabia and Iran that could threaten the proposed supply cut agreement.
Additionally, Baker Hughes disclosed that number of active oil rigs in the US rose by 9 to 450 last week.
In the Asian session, at GMT0400, the pair is trading at 44.56, with the oil trading 0.88% higher from Friday’s close.
The pair is expected to find support at 43.81, and a fall through could take it to the next support level of 43.05. The pair is expected to find its first resistance at 45.08, and a rise through could take it to the next resistance level of 45.59.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
