Crude Oil Movement
Crude Oil prices advanced 0.41% against the USD for the 24-hour period ending 23:00GMT, closing at 44.62, after Baker Hughes reported that the US oil rig count declined by 4 to a level of 328 in the week ended May 06, dropping for the seventh consecutive week and reaching its lowest level since November 2009.
In the Asian session, at GMT0300, the pair is trading at 45.55, with the oil trading 2.08% higher from Friday’s close.
The pair is expected to find support at 44.14, and a fall through could take it to the next support level of 42.74. The pair is expected to find its first resistance at 46.35, and a rise through could take it to the next resistance level of 47.16.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
