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 1.69% against the USD and closed at USD37.33 per barrel, ahead of the Organisation of the Petroleum Exporting Countries meeting to discuss extension to production cuts.

In the Asian session, at GMT0300, the pair is trading at 37.29, with oil trading 0.11% lower against the USD from yesterday’s close.

The pair is expected to find support at 36.57, and a fall through could take it to the next support level of 35.86. The pair is expected to find its first resistance at 37.81, and a rise through could take it to the next resistance level of 38.34.

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

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