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

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


Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 2.12% against the USD and closed at USD71.17 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles rose by 6.0 million barrels to 410.0 million in the week ended 05 October 2018. Additionally, the Organisation of the Petroleum Exporting Countries (OPEC) stated that its crude production rose by 132,000 bls to average 32.76 million barrels per day last month.

In the Asian session, at GMT0300, the pair is trading at 71.21, with oil trading 0.06% higher against the USD from yesterday’s close.

The pair is expected to find support at 70.28, and a fall through could take it to the next support level of 69.34. The pair is expected to find its first resistance at 72.38, and a rise through could take it to the next resistance level of 73.54.

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

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