Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil rose 0.32% against the USD and closed at 31.76, after Baker Hughes reported that US oil rig count fell for seventh straight week to a level of 467 in the week ended 5 February, touching its lowest level since April 2015, from a level of 498 in the previous week.
In the Asian session, at GMT0400, the pair is trading at 30.98, with the oil trading 2.46% lower from Friday’s close.
The pair is expected to find support at 30.26, and a fall through could take it to the next support level of 29.53. The pair is expected to find its first resistance at 32.08, and a rise through could take it to the next resistance level of 33.17.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
