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 1.78% against the USD and closed at USD50.78 per barrel, lifted by speculations of an extension for the OPEC’s production cut deal beyond March 2018.

In the Asian session, at GMT0300, the pair is trading at 50.72, with the oil trading 0.12% lower against the USD from yesterday’s close, as several offshore production sites and refineries have already closed down as tropical storm, Nate, is on its way to becoming a full hurricane as it heads for the Gulf of Mexico.

The pair is expected to find support at 49.98, and a fall through could take it to the next support level of 49.24. The pair is expected to find its first resistance at 51.34, and a rise through could take it to the next resistance level of 51.96.

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

This entry was posted in Crude Oil. Bookmark the permalink.

Comments are closed.