Crude Oil: Oil extends its gains, ahead of Baker Hughes weekly rig count data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.44% against the USD and closed at USD59.84 per barrel, after the Energy Information Administration (EIA) reported that US crude oil stockpiles fell by 4.6 million barrels to 431.9 million barrels in the week ended 22 December.

Gains in crude prices were boosted further, after the US oil production surprisingly dropped to 9.754 million barrels per day (bpd), from 9.789 million bpd in the last week.

In the Asian session, at GMT0400, the pair is trading at 60.20, with oil trading 0.6% higher against the USD from yesterday’s close.

The pair is expected to find support at 59.65, and a fall through could take it to the next support level of 59.11. The pair is expected to find its first resistance at 60.53, and a rise through could take it to the next resistance level of 60.87.

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

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