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

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

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.83% against the USD and closed at USD33.87 per barrel, amid optimism over output cuts by major oil producers and hopes of recovery in oil demand.

In the Asian session, at GMT0300, the pair is trading at 33.12, with oil trading 2.21% lower against the USD from yesterday’s close, after China decided to omit an economic growth target for 2020 renewing concerns over oil demand in the world’s second-largest oil user.

The pair is expected to find support at 32.57, and a fall through could take it to the next support level of 32.01. The pair is expected to find its first resistance at 34.17, and a rise through could take it to the next resistance level of 35.21.

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

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