Crude Oil: Oil trading lower, ahead of Baker Hughes weekly rig count data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 1.11% against the USD and closed at USD65.00 per barrel.

Meanwhile, Poland, Germany and Slovakia suspended imports of Russian oil, following severe contamination through the Druzhba pipeline.

In the Asian session, at GMT0300, the pair is trading at 64.84, with oil trading 0.25% lower against the USD from yesterday’s close, amid hopes that OPEC will increase supplies to compensate for a decline in exports from Iran following tightening of sanctions on Tehran by the US.

The pair is expected to find support at 64.27, and a fall through could take it to the next support level of 63.71. The pair is expected to find its first resistance at 65.84, and a rise through could take it to the next resistance level of 66.85.

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

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