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

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, the Crude Oil rose 1.2% against the USD and closed at USD54.87 per barrel, after Saudi Arabia’s oil minister, Khalid Al-Falih, and his Iraqi counterpart, Jabbar al-Luaibi, lent support to extend the current output cut deal between OPEC and other major crude producers beyond March 2018.

In the Asian session, at GMT0400, the pair is trading at USD54.82 per barrel, with Crude Oil trading 0.09% lower from yesterday’s close.

The pair is expected to find support at 54.19, and a fall through could take it to the next support level of 53.57. The pair is expected to find its first resistance at 55.23, and a rise through could take it to the next resistance level of 55.65.

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

This entry was posted in Crude Oil. Bookmark the permalink.

Comments are closed.