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 0.44% against the USD and closed at USD61.72 per barrel, amid mounting concerns over Sino-American trade war.

In the Asian session, at GMT0300, the pair is trading at 62.26, with oil trading 0.87% higher against the USD from yesterday’s close.

The pair is expected to find support at 61.29, and a fall through could take it to the next support level of 60.32. The pair is expected to find its first resistance at 62.86, and a rise through could take it to the next resistance level of 63.46.

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

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