For the 24 hours to 23:00 GMT, Crude Oil declined 8.89% against the USD and closed at USD18.15 per barrel on Friday, on demand concerns. Separately, Baker Hughes reported that US oil drilling rig count fell by 66 to 483 last week.
In the Asian session, at GMT0300, the pair is trading at 15.58, with oil trading 14.16% lower against the USD from Friday’s close.
The pair is expected to find support at 13.37, and a fall through could take it to the next support level of 11.16. The pair is expected to find its first resistance at 18.89, and a rise through could take it to the next resistance level of 22.20.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
