Crude Oil: Oil trading higher, ahead of Baker Hughes weekly rig count data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.36% against the USD and closed at USD61.06 per barrel, amid positive development in the US-China trade deal.

In the Asian session, at GMT0400, the pair is trading at 61.13, with oil trading 0.11% higher against the USD from yesterday’s close.

The pair is expected to find support at 60.75, and a fall through could take it to the next support level of 60.36. The pair is expected to find its first resistance at 61.46, and a rise through could take it to the next resistance level of 61.78.

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

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