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

For the 24 hours to 23:00 GMT, Crude Oil rose 17.26% against the USD and closed at USD24.86 per barrel, after the US President, Donald Trump stated that he expects Saudi Arabia and Russia to reach a deal on oil production cut.

In the Asian session, at GMT0300, the pair is trading at 24.40, with oil trading 1.85% lower against the USD from yesterday’s close.

The pair is expected to find support at 21.16, and a fall through could take it to the next support level of 17.91. The pair is expected to find its first resistance at 27.52, and a rise through could take it to the next resistance level of 30.63.

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

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