Crude Oil: Oil trading on a stronger footing, ahead of Baker Hughes weekly rig count data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil slightly rose against the USD and closed at USD61.89 per barrel, as concerns over supply disruptions supported crude prices.

Additionally, the Energy Information Administration (EIA) reported that US crude oil stockpiles dropped by 7.4 million barrels to 424.5 million barrels during the week ended 29 December 2017.

In the Asian session, at GMT0400, the pair is trading at 61.95, with oil trading 0.1% higher against the USD from yesterday’s close.

The pair is expected to find support at 61.62, and a fall through could take it to the next support level of 61.30. The pair is expected to find its first resistance at 62.24, and a rise through could take it to the next resistance level of 62.54.

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

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