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

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 1.93% against the USD and closed at USD52.71 per barrel, after data revealed that the Russian crude production remained unchanged in February, pointing towards weak compliance with a global deal to curb oil supply.

In the Asian session, at GMT0400, the pair is trading at 52.68, with the oil trading 0.06% lower against the USD from yesterday’s close.

The pair is expected to find support at 52.21, and a fall through could take it to the next support level of 51.75. The pair is expected to find its first resistance at 53.47, and a rise through could take it to the next resistance level of 54.27.

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

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