Crude Oil Movement
Crude Oil prices advanced 1.42% against the USD for the 24-hour period ending 23:00GMT, closing at 38.48, after the International Energy Agency (IEA) indicated that output in the US and other non-OPEC countries was beginning to fall quickly and that Iran did not pump as much new oil into the market as expected.
Additionally, Baker Hughes reported that the US oil rig count fell by 6 to a level of 386 in the week ended 11 March, the 12th consecutive weekly drop and reached its lowest count since December 2009.
In the Asian session, at GMT0400, the pair is trading at 38.39, with the oil trading 0.23% lower from Friday’s close.
The pair is expected to find support at 38.01, and a fall through could take it to the next support level of 37.64. The pair is expected to find its first resistance at 38.89, and a rise through could take it to the next resistance level of 39.40.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
