Crude Oil Movement
Crude Oil prices declined 2.35% against the USD for the 24 hour period ending 23:00GMT, closing at 44.38, as global supply glut concerns and a strong greenback weighed on oil prices.
Meanwhile, Baker Hughes weekly rig count report disclosed that number of working US oil rigs dropped by 6 to 572 in the previous week, marking its 10th consecutive week of decline.
In the Asian session, at GMT0400, the pair is trading at 44.66, with the oil trading 0.5% higher from Friday’s close.
The pair is expected to find support at 43.78, and a fall through could take it to the next support level of 42.9. The pair is expected to find its first resistance at 45.59, and a rise through could take it to the next resistance level of 46.52.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
