For the 24 hours to 23:00 GMT, Crude Oil rose 0.49% against the USD and closed at USD41.24 per barrel on Friday, amid signs of economic improvement. Meanwhile, Baker Hughes reported that US oil drilling rig count rose by 1 to 181 for the week ended 17 July 2020.
In the Asian session, at GMT0300, the pair is trading at 41.19, with oil trading 0.12% lower against the USD from Friday’s close.
The pair is expected to find support at 40.68, and a fall through could take it to the next support level of 40.16. The pair is expected to find its first resistance at 41.69, and a rise through could take it to the next resistance level of 42.18.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.