Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.57% against the USD and closed at USD50.31 per barrel on Friday, after Baker Hughes reported that the number of active oil rigs in the US increased by 4 to 432 during the last week, rising for seventh straight week.
In the Asian session, at GMT0300, the pair is trading at 50.19, with the oil trading 0.24% lower from Friday’s close.
The pair is expected to find support at 49.68, and a fall through could take it to the next support level of 49.17. The pair is expected to find its first resistance at 50.92, and a rise through could take it to the next resistance level of 51.65.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
