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 0.07% against the USD and closed at USD60.38 per barrel after Organization of the Petroleum Exporting Countries, in its monthly report trimmed its global demand forecast by 1.3 million barrels per day to an average of 29.3 million barrels per day for 2020.

In the Asian session, at GMT0300, the pair is trading at 60.53, with oil trading 0.25% higher against the USD from yesterday’s close.

The pair is expected to find support at 60.13, and a fall through could take it to the next support level of 59.74. The pair is expected to find its first resistance at 60.93, and a rise through could take it to the next resistance level of 61.34.

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

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