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 1.07% against the USD and closed at USD63.68 per barrel, after the International Energy Agency, in its monthly report, expressed concerns over the adverse effects of global economic slowdown on crude oil demand.

In the Asian session, at GMT0300, the pair is trading at 63.76, with oil trading 0.13% higher against the USD from yesterday’s close.

The pair is expected to find support at 63.24, and a fall through could take it to the next support level of 62.73. The pair is expected to find its first resistance at 64.34, and a rise through could take it to the next resistance level of 64.93.

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

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