Crude Oil: Oil trading lower in the morning session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 2.58% against the USD and closed at USD38.11 per barrel on Friday, as a rise in coronavirus cases in the US and China sparked worried over fuel demand. Meanwhile, Baker Hughes reported that US oil drilling rig count fell by 1 to 188 for the week ended 19 June 2020.

In the Asian session, at GMT0300, the pair is trading at 37.81, with oil trading 0.79% lower against the USD from Friday’s close.

The pair is expected to find support at 37.20, and a fall through could take it to the next support level of 36.60. The pair is expected to find its first resistance at 38.88, and a rise through could take it to the next resistance level of 39.96.

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

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