Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil declined 0.71% against the USD and closed at USD47.76 on Friday, amid fears that Donald Trump’s decision to withdraw from Paris climate pact would increase US oil production and contribute to a persistent global oversupply.
Additionally, prices remained under pressure after Baker Hughes reported that the number of active oil drilling rigs in the US jumped by 11 to 733 rigs last week.
In the Asian session, at GMT0300, the pair is trading at 47.88, with the crude oil trading 0.25% higher from Friday’s close.
The pair is expected to find support at 47.02, and a fall through could take it to the next support level of 46.1667. The pair is expected to find its first resistance at 48.45, and a rise through could take it to the next resistance level of 49.02.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
