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 rose 3.95% against the USD and closed at USD53.99 per barrel, boosted by the US President, Donald Trump’s plan to meet Chinese Vice Premier Liu He for suspending upcoming tariff hikes. Additionally, the Organisation of the Petroleum Exporting Countries (OPEC), in its monthly report, slashed its world oil demand growth forecast for 2019 and kept its projection for 2020 unchanged. However, it curbed its non-OPEC supply growth for 2019 and 2020.

In the Asian session, at GMT0300, the pair is trading at 53.69, with oil trading 0.56% lower against the USD from yesterday’s close.

The pair is expected to find support at 52.54, and a fall through could take it to the next support level of 51.40. The pair is expected to find its first resistance at 54.48, and a rise through could take it to the next resistance level of 55.28.

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

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