Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.2% against the USD and closed at USD49.74 per barrel on Friday, amid soothing fears of global supply glut.
Separately, Baker Hughes reported that the number of active oil rigs in the US rose by 2 to 766 last week.
In the Asian session, at GMT0300, the pair is trading at 49.86, with the oil trading 0.24% higher from Friday’s close.
The pair is expected to find support at 49.17, and a fall through could take it to the next support level of 48.47. The pair is expected to find its first resistance at 50.25, and a rise through could take it to the next resistance level of 50.63.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
