Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.98% against the USD and closed at USD48.74 per barrel, as concerns over rising US crude output and increasing exports from Libya stoked worries of a global supply glut.
On Friday, Baker Hughes reported that active oil rigs in US rose by 9 to 697 last week.
In the Asian session, at GMT0300, the pair is trading at 48.76, with the oil trading a tad higher from yesterday’s close.
The pair is expected to find support at 48.46, and a fall through could take it to the next support level of 48.16. The pair is expected to find its first resistance at 49.19, and a rise through could take it to the next resistance level of 49.62.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
