Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.09% against the USD and closed at USD45.57 per barrel on Friday, on rising hopes that OPEC will find a way to freeze production at a meeting later this month.
Separately, Baker Hughes reported that the number of active oil rigs in the US jumped by 19 to 471 during the week ended 18 November 2016, adding the most number of rigs since July 2015.
In the Asian session, at GMT0400, the pair is trading at 46.22, with the oil trading 1.43% higher from Friday’s close.
The pair is expected to find support at 45.10, and a fall through could take it to the next support level of 43.97. The pair is expected to find its first resistance at 46.80, and a rise through could take it to the next resistance level of 47.37.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
