Crude Oil Movement
Crude Oil prices advanced 0.34% against the USD for the 24-hour period ending 23:00GMT, closing at 49.50.
Separately, Baker Hughes reported that the US oil rig count fell by 2 to a level of 316 last week.
In the Asian session, at GMT0300, the pair is trading at 49.56, with the oil trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 49.16, and a fall through could take it to the next support level of 48.77. The pair is expected to find its first resistance at 49.86, and a rise through could take it to the next resistance level of 50.17.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
