Crude Oil: Oil trading on weaker footing this morning

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.83% against the USD and closed at USD44.70 per barrel on Friday, reversing a three-session losing streak.

Separately, Baker Hughes disclosed that active oil rigs in the US rose by 6 to 747 in the week ended 16 June.

In the Asian session, at GMT0300, the pair is trading at 44.59, with the oil trading 0.25% lower against the USD from Friday’s close.

The pair is expected to find support at 44.35, and a fall through could take it to the next support level of 44.12. The pair is expected to find its first resistance at 44.88, and a rise through could take it to the next resistance level of 45.18.

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

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