Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.9% against the USD and closed at 44.26, after data from Baker Hughes showed that US oil drillers added 14 rigs last week to bring the total rig count to 371, recording its fourth-weekly rise, thus adding to concerns about a global crude glut.
In the Asian session, at GMT0300, the pair is trading at 44.11, with the oil trading 0.34% lower from Friday’s close.
The pair is expected to find support at 43.58, and a fall through could take it to the next support level of 43.04. The pair is expected to find its first resistance at 44.81, and a rise through could take it to the next resistance level of 45.50.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
