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 1.29% against the USD and closed at USD51.42 per barrel, surrendering its previous session gains.

Yesterday, the OPEC Secretary-General, Mohammad Barkindo, stated that the oil market is rebalancing at an “accelerated pace” and that the OPEC anticipates global oil demand to exceed 100.0 million barrels a day in 2020.

In the Asian session, at GMT0300, the pair is trading at 51.35, with the oil trading 0.14% lower against the USD from yesterday’s close.

The pair is expected to find support at 50.92, and a fall through could take it to the next support level of 50.48. The pair is expected to find its first resistance at 51.94, and a rise through could take it to the next resistance level of 52.52.

Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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