Crude Oil: Oil trading a tad higher, ahead of Baker Hughes weekly rig count data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.16% against the USD and closed at USD63.58 per barrel, amid improved outlook, as production cuts by OPEC and rising global demand continue to whittle away a global crude surplus.

In the Asian session, at GMT0400, the pair is trading at 63.61, with oil trading slightly higher against the USD from yesterday’s close.

The pair is expected to find support at 63.10, and a fall through could take it to the next support level of 62.60. The pair is expected to find its first resistance at 64.44, and a rise through could take it to the next resistance level of 65.28.

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

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