Crude Oil Movement
Crude Oil prices advanced 0.58% against the USD for the 24-hour period ending 23:00GMT, closing at 48.71, extending its previous session gains.
Separately, Baker Hughes, reported that the US oil rig count remained steady at a level of 318 in the week ended May 20, holding at its lowest level since October 2009.
In the Asian session, at GMT0300, the pair is trading at 48.17, with the oil trading 1.11% lower from Friday’s close.
The pair is expected to find support at 47.75, and a fall through could take it to the next support level of 47.34. The pair is expected to find its first resistance at 48.92, and a rise through could take it to the next resistance level of 49.68.
Crude oil is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
