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, Crude Oil rose 1.01% against the USD and closed at USD49.15 per barrel, as investors continued to cheer data showing a sharp drop in US crude oil inventories.

In the Asian session, at GMT0300, the pair is trading at 48.95, with the oil trading 0.41% lower against the USD from yesterday’s close.

The pair is expected to find support at 48.39, and a fall through could take it to the next support level of 47.82. The pair is expected to find its first resistance at 49.38, and a rise through could take it to the next resistance level of 49.80.

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

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