Crude Oil Movement
Crude Oil prices declined 2.93% against the USD for the 24-hour period ending 23:00GMT, closing at 49.03, amid strength in US dollar and after Baker Hughes reported that the US oil rig count increased by 3 to a level of 328 in the week ended June 10, its second consecutive increase.
In the Asian session, at GMT0300, the pair is trading at 48.52, with the oil trading 1.04% lower from Friday’s close.
The pair is expected to find support at 47.63, and a fall through could take it to the next support level of 46.73. The pair is expected to find its first resistance at 50.00, and a rise through could take it to the next resistance level of 51.47.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
