Crude Oil Movement
Crude Oil prices were flat against the USD for the 24 hour period ending 23:00GMT, closing at 33.31, after oscillating between gains and losses, throughout the session.
Separately, Baker Hughes weekly rig count report showed that the number of working US oil rigs dropped by 20 to 516 in the week ended 08 January.
In the Asian session, at GMT0400, the pair is trading at 32.49, with the oil trading 2.46% lower from Friday’s close.
The pair is expected to find support at 31.84, and a fall through could take it to the next support level of 31.19. The pair is expected to find its first resistance at 33.63, and a rise through could take it to the next resistance level of 34.77.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
