Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.42% against the USD and closed at USD47.99 per barrel on Friday.
Separately, the Baker Hughes reported that the number of active oil rigs in the US increased by 7 to 425 during the week ended 30 September 2016.
In the Asian session, at GMT0300, the pair is trading at 47.98, with the oil trading a tad lower from Friday’s close.
The pair is expected to find support at 47.25, and a fall through could take it to the next support level of 46.51. The pair is expected to find its first resistance at 48.51, and a rise through could take it to the next resistance level of 49.03.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
