Crude Oil: Oil reverses 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 1.63% against the USD and closed at USD46.10 per barrel, after the International Energy Agency (IEA) forecasted higher global demand for crude this year.

The IEA in its monthly report, stated that it now expects global demand to grow by 1.5% this year to 98.0 million barrels a day, driven by rising consumption in Germany and the US in the second quarter. However, it also disclosed that OPEC’s compliance with production cuts fell to its lowest levels in 6 months in June.

In the Asian session, at GMT0300, the pair is trading at 46.02, with the oil trading 0.17% lower against the USD from yesterday’s close.

The pair is expected to find support at 45.25, and a fall through could take it to the next support level of 44.47. The pair is expected to find its first resistance at 46.54, and a rise through could take it to the next resistance level of 47.05.

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

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