Crude Oil: Oil extends its gains in the morning session, ahead of Baker Hughes rig count data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.59% against the USD and closed at USD49.37 per barrel, on mounting optimism that the Organisation of the Petroleum Exporting Countries (OPEC) is leaning towards extending deal to cut crude production in the second half of 2017.

In the Asian session, at GMT0300, the pair is trading at 49.75, with the oil trading 0.77% higher from yesterday’s close, amid speculation that OPEC might extend its output cut deal to limit the growing supply glut.

The pair is expected to find support at 48.57, and a fall through could take it to the next support level of 47.40. The pair is expected to find its first resistance at 50.40, and a rise through could take it to the next resistance level of 51.06.

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

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