For the 24 hours to 23:00 GMT, Crude Oil declined 0.58% against the USD and closed at USD17.11 per barrel on Friday. Separately, Baker Hughes reported that the number of active US rigs drilling for oil dropped by 60 to 378 last week.
In the Asian session, at GMT0300, the pair is trading at 15.75, with oil trading 7.95% lower against the USD from Friday’s close, amid signs that worldwide oil storage is filling rapidly.
The pair is expected to find support at 14.67, and a fall through could take it to the next support level of 13.59. The pair is expected to find its first resistance at 17.40, and a rise through could take it to the next resistance level of 19.05.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
