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

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 4.45% against the USD and closed at USD 23.18 per barrel, amid growing worries about decline in crude demand .

In the Asian session, at GMT0400, the pair is trading at 23.09, with oil trading 0.39% lower against the USD from yesterday’s close.

The pair is expected to find support at 22.24, and a fall through could take it to the next support level of 21.39. The pair is expected to find its first resistance at 24.08, and a rise through could take it to the next resistance level of 25.07.

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

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