Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.79% against the USD and closed at USD45.30 per barrel on Friday, after fresh figures from Baker Hughes disclosed that the number of active oil rigs climbed by 2 to 885 in the week ended 28 December 2018.

Meanwhile, the Energy Information Administration (EIA) report indicated that US crude oil stockpiles fell 46,000 barrels to 441.4 million in the week ended 21 December.

In the Asian session, at GMT0400, the pair is trading at 45.74, with oil trading 0.97% higher against the USD from Friday’s close.

The pair is expected to find support at 44.76, and a fall through could take it to the next support level of 43.78. The pair is expected to find its first resistance at 46.38, and a rise through could take it to the next resistance level of 47.02.

Crude oil is trading above its 20 Hr and 50 Hr moving averages.

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