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 0.27% against the USD and closed at USD51.45 per barrel, amid spike in the number in the number of new coronavirus cases in China.

In the Asian session, at GMT0400, the pair is trading at 51.43, with oil trading slightly lower against the USD from yesterday’s close.

The pair is expected to find support at 50.72, and a fall through could take it to the next support level of 50.00. The pair is expected to find its first resistance at 52.03, and a rise through could take it to the next resistance level of 52.62.

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

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  February 24, 2020 - Forex Alchemy

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