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

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 2.09% against the USD and closed at USD74.64 per barrel, amid rise in the US crude stockpiles and following reports that Russia and Saudi Arabia have reached a private agreement to raise oil output.

In the Asian session, at GMT0300, the pair is trading at 74.81, with oil trading 0.23% higher against the USD from yesterday’s close.

The pair is expected to find support at 73.64, and a fall through could take it to the next support level of 72.46. The pair is expected to find its first resistance at 76.23, and a rise through could take it to the next resistance level of 77.64.

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

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