Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 2.27% against the USD and closed at USD40.49 per barrel on Friday, amid positive developments related to coronavirus treatment and after the International Energy Agency (IEA) raised its 2020 oil demand forecast to 92.1 million barrels per day. Adding to the positive sentiment, Baker Hughes reported that the US oil drilling rig count fell by 4 to 181 for the week ended 3 July 2020.
In the Asian session, at GMT0300, the pair is trading at 40.17, with oil trading 0.79% lower against the USD from Friday’s close.
The pair is expected to find support at 38.88, and a fall through could take it to the next support level of 37.60. The pair is expected to find its first resistance at 41.11, and a rise through could take it to the next resistance level of 42.06.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
