For the 24 hours to 23:00 GMT, Crude Oil declined 0.05% against the USD and closed at USD40.42 per barrel on Friday. The Baker Hughes reported that US oil drilling rig count dropped by 1 to 180 for the week ended 24 July 2020.
In the Asian session, at GMT0300, the pair is trading at 40.00, with oil trading 1.04% lower against the USD from yesterday’s close.
The pair is expected to find support at 39.60, and a fall through could take it to the next support level of 39.19. The pair is expected to find its first resistance at 40.47, and a rise through could take it to the next resistance level of 40.93.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.