Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.9% against the USD and closed at USD49.57 per barrel on Friday, after Baker Hughes reported that the number of active oil rigs in the US increased by 3 to 428 during the week ended 07 October, rising for sixth-straight week.
In the Asian session, at GMT0300, the pair is trading at 49.27, with the oil trading 0.61% lower from Friday’s close.
The pair is expected to find support at 48.73, and a fall through could take it to the next support level of 48.20. The pair is expected to find its first resistance at 50.27, and a rise through could take it to the next resistance level of 51.28.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
