Crude Oil: Oil extends its losses in the morning session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.59% against the USD and closed at USD40.59 per barrel on Friday, amid worries that increasing Covid-19 cases could result more economic shutdown and decrease demand for crude oil.

Separately, the Baker Hughes reported that US oil drilling rig count dropped by 1 to 180 for the week ended 17 July 2020.

In the Asian session, at GMT0300, the pair is trading at 40.36, with oil trading 0.57% lower against the USD from Friday’s close.

The pair is expected to find support at 39.95, and a fall through could take it to the next support level of 39.55. The pair is expected to find its first resistance at 40.83, and a rise through could take it to the next resistance level of 41.31.

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

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