Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.03% against the USD and closed at USD46.72 per barrel, amid concerns that refinery shutdowns due to the wreaked havoc by the tropical storm Harvey could boost crude inventories and decrease demand.
Separately, on Friday, Baker Hughes disclosed that active oil rigs in the US declined by 4 to 759 last week.
In the Asian session, at GMT0300, the pair is trading at 46.84, with the oil trading 0.26% higher against the USD from yesterday’s close.
The pair is expected to find support at 46.08, and a fall through could take it to the next support level of 45.33. The pair is expected to find its first resistance at 47.66, and a rise through could take it to the next resistance level of 48.49.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
