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 rose 1.31% against the USD and closed at USD53.17 per barrel, amid potential US sanctions on Venezuela crude exports. Meanwhile, the Energy Information Administration reported that domestic crude supplies climbed by 8.0 million barrels in the week ended 18 January 2019.

In the Asian session, at GMT0400, the pair is trading at 53.87, with oil trading 1.32% higher against the USD from yesterday’s close, as political turmoil in Venezuela might disrupt crude oil exports.

The pair is expected to find support at 52.65, and a fall through could take it to the next support level of 51.42. The pair is expected to find its first resistance at 54.52, and a rise through could take it to the next resistance level of 55.16.

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

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