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Crude Oil: Oil Trading Higher, Ahead Of Baker Hughes Weekly Rig Count Data

For the 24 hours to 23:00 GMT, Crude Oil rose 5.64% against the USD and closed at USD57.31 per barrel, amid rising geopolitical tensions, after Iran shot down a US military drone.

In the Asian session, at GMT0300, the pair is trading at 57.37, with oil trading 0.10% higher against the USD from yesterday’s close.

The pair is expected to find support at 55.24, and a fall through could take it to the next support level of 53.12. The pair is expected to find its first resistance at 58.64, and a rise through could take it to the next resistance level of 59.92.

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

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