For the 24 hours to 23:00 GMT, Crude Oil rose 1.87% against the USD and closed at USD40.34 per barrel, amid upbeat US jobs data and after Baker Hughes reported that the US oil rig count fell by 3 to 185 last week.
In the Asian session, at GMT0300, the pair is trading at 40.39, with oil trading 0.12% higher against the USD from yesterday’s close.
The pair is expected to find support at 39.74, and a fall through could take it to the next support level of 39.09. The pair is expected to find its first resistance at 40.89, and a rise through could take it to the next resistance level of 41.39.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.