Crude Oil Movement
Crude Oil prices declined 2.09% against the USD for the 24-hour period ending 23:00GMT, closing at 39.33, over renewed supply glut concerns, after Baker Hughes reported that the US oil rig count advanced by 1 to a level of 387 in the week ended 18 March, rising for the first time since December 2015.
In the Asian session, at GMT0400, the pair is trading at 38.95, with the oil trading 0.97% lower from Friday’s close.
The pair is expected to find support at 38.14, and a fall through could take it to the next support level of 37.33. The pair is expected to find its first resistance at 40.48, and a rise through could take it to the next resistance level of 42.01.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
