Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.43% against the USD and closed at USD48.49 per barrel, notching its seven-week high level.
Separately, the Baker Hughes disclosed that US oil rig count rose by 10 to 406 during the last week, climbing for eighth straight week and hitting its highest level since February 19, 2016.
In the Asian session, at GMT0300, the pair is trading at 47.95, with the oil trading 1.11% lower from Friday’s close after Iraq, OPEC’s second-biggest producer, stated that it is set to boost its oil exports in the next few days as shipments from three oil fields resume in Kirkuk.
The pair is expected to find support at 47.67, and a fall through could take it to the next support level of 47.39. The pair is expected to find its first resistance at 48.49, and a rise through could take it to the next resistance level of 49.03.
Crude oil is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
