Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.65% against the USD and closed at USD48.06 per barrel on Friday, after Saudi Arabia stated that it had cut its oil exports to the US dramatically.
Separately, Baker Hughes disclosed that active oil rigs in US jumped by 21 in the week ended 24 March, bringing the total to 652, recording its biggest weekly increase since 20 January.
Meanwhile, over the weekend, a joint committee of ministers from the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil producers are considering a review of whether a global pact to limit crude supplies should be extended by six months.
In the Asian session, at GMT0300, the pair is trading at 47.85, with the oil trading 0.44% lower against the USD from Friday’s close.
The pair is expected to find support at 47.53, and a fall through could take it to the next support level of 47.20. The pair is expected to find its first resistance at 48.19, and a rise through could take it to the next resistance level of 48.52.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
