Crude Oil Movement
Crude Oil prices declined 0.18% against the USD for the 24 hour period ending 23:00GMT, closing at 49.52.
Oil prices found support, after the Baker Hughes weekly rig count report stated that the number of working US oil rigs fell for the sixth consecutive week, dropping by 9 to 605 for the week ended 09 October.
In the Asian session, at GMT0300, the pair is trading at 49.97, with the oil trading 0.91% higher from Friday’s close.
The pair is expected to find support at 49.12, and a fall through could take it to the next support level of 48.27. The pair is expected to find its first resistance at 50.87, and a rise through could take it to the next resistance level of 51.77.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
