Crude Oil Movement
On Friday, Crude Oil prices declined 1.39% against the USD for the period ending 21:00GMT, closing at 46.04, after mixed US jobs data raised demand growth concerns for the commodity from the world’s largest consumer of oil.
Meanwhile, the number of rigs drilling for oil in the US decreased by 13 last week to 662, marking its first weekly decline in seven weeks.
In the Asian session, at GMT0300, the pair is trading at 45.79, with the oil trading 0.54% lower from Friday’s close.
The pair is expected to find support at 44.88, and a fall through could take it to the next support level of 43.97. The pair is expected to find its first resistance at 46.96, and a rise through could take it to the next resistance level of 48.13.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
