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

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.52% against the USD and closed at USD42.36 per barrel, after the International Energy Agency (IEA) lowered its forecast for global crude demand in 2020.

In the Asian session, at GMT0300, the pair is trading at 42.27, with oil trading 0.21% lower against the USD from yesterday’s close.

The pair is expected to find support at 41.96, and a fall through could take it to the next support level of 41.65. The pair is expected to find its first resistance at 42.71, and a rise through could take it to the next resistance level of 43.15.

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

This entry was posted in Crude Oil. Bookmark the permalink.

Comments are closed.