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 1.40% against the USD and closed at USD55.80 per barrel, amid expectations of rise in crude oil production from the US Gulf of Mexico region.

In the Asian session, at GMT0300, the pair is trading at 56.34, with oil trading 0.97% higher against the USD from yesterday’s close, amid renewed tensions in the Middle East, after the US Navy destroyed an Iranian drone in the Strait of Hormuz.

The pair is expected to find support at 54.93, and a fall through could take it to the next support level of 53.53. The pair is expected to find its first resistance at 57.53, and a rise through could take it to the next resistance level of 58.73.

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

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