Crude Oil Movement
Crude Oil prices declined 1.67% against the USD for the 24 hour period ending 23:00GMT, closing at 44.63, owing to concerns over global oil production.
Meanwhile, as per the Baker Hughes weekly rig count report, the number of working US oil rigs fell by 1 to 594 for the week ending 23 October, the least since July 2010.
In the Asian session, at GMT0400, the pair is trading at 44.74, with the oil trading 0.25% higher from Friday’s close.
The pair is expected to find support at 44.04, and a fall through could take it to the next support level of 43.35. The pair is expected to find its first resistance at 45.59, and a rise through could take it to the next resistance level of 46.45.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
