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 2.03% against the USD and closed at USD40.44 per barrel, amid concerns over rising coronavirus cases and uncertainty related to the US presidential elections.

In the Asian session, at GMT0300, the pair is trading at 40.11, with oil trading 0.82% lower against the USD from yesterday’s close.

The pair is expected to find support at 38.77, and a fall through could take it to the next support level of 37.43. The pair is expected to find its first resistance at 41.40, and a rise through could take it to the next resistance level of 42.69.

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

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