Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.28% against the USD and closed at USD49.90 per barrel on Friday, after Baker Hughes disclosed that active oil rigs in US fell by 7 to 749 in the week ended 15 September.
In the Asian session, at GMT0300, the pair is trading at 49.90, with the oil trading flat against the USD from Friday’s close.
The pair is expected to find support at 49.50, and a fall through could take it to the next support level of 49.09. The pair is expected to find its first resistance at 50.22, and a rise through could take it to the next resistance level of 50.53.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
