Crude Oil Movement
Crude Oil prices advanced 0.68% against the USD for the 24 hour period ending 23:00GMT, closing at 47.19, after the US oil rig count fell for the seventh consecutive week.
Baker Hughes weekly rig count report, showed that the number of working US oil rigs fell by 10 to 595 for the week ending 16 October, the least since July 2010.
In the Asian session, at GMT0300, the pair is trading at 47.14, with the oil trading 0.11% lower from Friday’s close.
The pair is expected to find support at 46.37, and a fall through could take it to the next support level of 45.59. The pair is expected to find its first resistance at 47.71, and a rise through could take it to the next resistance level of 48.27.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
