Crude Oil Movement
Crude Oil prices advanced 5.08% against the USD for the 24-hour period ending 23:00GMT, closing at 39.52, after Baker Hughes reported that the US oil rig count declined by 8 to a level of 354 in the week ended 08 April, reaching its lowest level since November 2009 and hopes of cooperation by oil producers at the April 17 Doha meeting rose.
In the Asian session, at GMT0300, the pair is trading at 39.98, with the oil trading 1.16% higher from Friday’s close.
The pair is expected to find support at 38.49, and a fall through could take it to the next support level of 37.00. The pair is expected to find its first resistance at 40.85, and a rise through could take it to the next resistance level of 41.71.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
