Crude Oil: Oil trading on a stronger footing this morning

Crude Oil: Oil trading on a stronger footing this morning

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 7.20% against the USD and closed at USD29.63 per barrel on Friday, amid signs of recovery in oil demand. Additionally, Baker Hughes reported that US oil drilling rig count dropped by 34 to 258 for the week ended 15 May 2020.

In the Asian session, at GMT0300, the pair is trading at 30.66, with oil trading 3.48% higher against the USD from Friday’s close.

The pair is expected to find support at 28.46, and a fall through could take it to the next support level of 26.27. The pair is expected to find its first resistance at 31.84, and a rise through could take it to the next resistance level of 33.03.

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

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