Crude Oil Movement
Crude Oil prices advanced 1.49% against the USD for the 24 hour period ending 23:00GMT, closing at 46.38, after Baker Hughes report disclosed that US oil rig count fell for the ninth consecutive week, indicating lower oil production in the coming months.
The weekly rig count report showed that the number of working US oil rigs fell by 16 to 578 for the week ended 30 October, the least since June 2010.
In the Asian session, at GMT0400, the pair is trading at 46.39, with the oil trading marginally higher from Friday’s close.
The pair is expected to find support at 45.57, and a fall through could take it to the next support level of 44.75. The pair is expected to find its first resistance at 47.12, and a rise through could take it to the next resistance level of 47.85.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
