Crude Oil Movement
Crude Oil prices declined 2.78% against the USD for the 24 hour period ending 23:00GMT, closing at 40.55, extending its previous session losses, amid intensifying concerns over global supply glut.
Oil prices came under pressure, after Baker Hughes weekly rig count report disclosed that the number of working US oil rigs edged up by 2 to 574 in the latest week, marking its first rise after 10 consecutive weeks of decline.
In the Asian session, at GMT0400, the pair is trading at 41.08, with the oil trading 1.31% higher from Friday’s close.
The pair is expected to find support at 40.13, and a fall through could take it to the next support level of 39.18. The pair is expected to find its first resistance at 42.12, and a rise through could take it to the next resistance level of 43.16.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
