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 0.96% against the USD and closed at USD56.61 per barrel, amid renewed supply concerns after a major Nigerian oil union threatened to launch a nationwide strike.

In the Asian session, at GMT0400, the pair is trading at 56.67, with oil trading 0.11% higher against the USD from yesterday’s close.

The pair is expected to find support at 56.07, and a fall through could take it to the next support level of 55.46. The pair is expected to find its first resistance at 57.03, and a rise through could take it to the next resistance level of 57.38.

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

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