Crude Oil: Oil reverses its losses in the morning session, ahead of Baker Hughes weekly rig count data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 1.41% against the USD and closed at USD49.54 per barrel, amid persistent concerns about record levels of US crude oil inventories.

In the Asian session, at GMT0400, the pair is trading at 49.59, with the oil trading 0.1% higher from yesterday’s close.

The pair is expected to find support at 48.51, and a fall through could take it to the next support level of 47.42. The pair is expected to find its first resistance at 50.76, and a rise through could take it to the next resistance level of 51.92.

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

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