Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.56% against the USD and closed at USD49.49 per barrel on Friday, after Baker Hughes disclosed that active oil rigs in the US advanced by 5 to 688 in the week ended 21 April.
In the Asian session, at GMT0300, the pair is trading at 49.82, with the oil trading 0.67% higher against the USD from Friday’s close.
The pair is expected to find support at 49.04, and a fall through could take it to the next support level of 48.25. The pair is expected to find its first resistance at 50.77, and a rise through could take it to the next resistance level of 51.71.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
