For the 24 hours to 23:00 GMT, Crude Oil declined 1.26% against the USD and closed at USD41.51 per barrel on Friday, amid rising tensions between the US and China and resurgence in coronavirus cases. Meanwhile, Baker Hughes reported that US oil drilling rig count fell by 4 to 176 for the week ended 31 July 2020.
In the Asian session, at GMT0300, the pair is trading at 41.74, with oil trading 0.55% higher against the USD from Friday’s close, after Saudi Arabian Aramco’s Chief Executive Amin Nasser stated that he expects oil demand to rebound in Asia and after Iraq pledged to deepen supply cuts.
The pair is expected to find support at 41.14, and a fall through could take it to the next support level of 40.55. The pair is expected to find its first resistance at 42.25, and a rise through could take it to the next resistance level of 42.77.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.