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 rose 0.23% against the USD and closed at USD51.32 per barrel.

In the Asian session, at GMT0400, the pair is trading at 51.19, with oil trading 0.25% lower against the USD from yesterday’s close, despite Russia’s support for OPEC and other producers’ decision to deepen output cuts.

The pair is expected to find support at 50.23, and a fall through could take it to the next support level of 49.27. The pair is expected to find its first resistance at 52.16, and a rise through could take it to the next resistance level of 53.13.

Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.

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