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 1.09% against the USD and closed at USD67.89 per barrel, amid worries over a potential decline in global demand. Meanwhile, the Energy Information Administration reported that domestic crude supplies dropped by 4.3 million barrels in the week ended 31 August 2018.

In the Asian session, at GMT0300, the pair is trading at 67.76, with oil trading 0.19% lower against the USD from yesterday’s close.

The pair is expected to find support at 66.83, and a fall through could take it to the next support level of 65.91. The pair is expected to find its first resistance at 68.85, and a rise through could take it to the next resistance level of 69.95.

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

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