Crude Oil Movement
On Friday, Crude Oil prices declined 2.12% against the USD for the period ending 21:00GMT, closing at 43.85, as global glut of crude oil continued to persist.
Oil further came under pressure, after data showed that US oil rigs actively drilling for oil edged up by 6 to 670 rigs last week, marking its third consecutive weekly gain.
In the Asian session, at GMT0300, the pair is trading at 43.67, with the oil trading 0.41% lower from Friday’s close.
The pair is expected to find support at 42.96, and a fall through could take it to the next support level of 42.25. The pair is expected to find its first resistance at 44.77, and a rise through could take it to the next resistance level of 45.87.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
