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 7.21% against the USD and closed at USD31.01 per barrel, after the US President, Donald Trump, announced ban on travellers from Europe to curb the spread of the coronavirus outbreak.

In the Asian session, at GMT0400, the pair is trading at 31.17, with oil trading 0.52% higher against the USD from yesterday’s close.

The pair is expected to find support at 30.00, and a fall through could take it to the next support level of 28.82. The pair is expected to find its first resistance at 32.37, and a rise through could take it to the next resistance level of 33.56.

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

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