Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.12% against the USD and closed at 41.46, despite Baker Hughes reporting that the number of active oil rigs in US rose by 3 to 374 last week, recording its fifth consecutive rise.
In the Asian session, at GMT0300, the pair is trading at 41.72, with the oil trading 0.63% higher from Friday’s close.
The pair is expected to find support at 40.92, and a fall through could take it to the next support level of 40.11. The pair is expected to find its first resistance at 42.18, and a rise through could take it to the next resistance level of 42.63.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
