For the 24 hours to 23:00 GMT, Crude Oil rose 7.51% against the USD and closed at USD33.34 per barrel on Friday.
Baker Hughes reported that US oil rig count rose by 1 to 683 last week.
In the Asian session, at GMT0400, the pair is trading at 31.18, with oil trading 6.48% lower against the USD from Friday’s close.
The pair is expected to find support at 29.76, and a fall through could take it to the next support level of 28.35. The pair is expected to find its first resistance at 33.23, and a rise through could take it to the next resistance level of 35.29.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
