Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 3.6% against the USD and closed at 35.93, after Baker Hughes reported that the US oil rig count fell by 8 to a level of 392 in the week ended 04 March, the lowest count since December 2009.
In the Asian session, at GMT0400, the pair is trading at 36.63, with the oil trading 2.66% higher from Friday’s close.
The pair is expected to find support at 35.11, and a fall through could take it to the next support level of 33.60. The pair is expected to find its first resistance at 37.43, and a rise through could take it to the next resistance level of 38.24.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
