For the 24 hours to 23:00 GMT, Crude Oil rose 4.72% against the USD and closed at USD35.25 per barrel on Friday, amid supply cuts by major oil producers and signs of rebound in oil demand. Additionally, Baker Hughes reported that US oil drilling rig count dropped by 15 to 222 for the week ended 22 May 2020.
In the Asian session, at GMT0300, the pair is trading at 35.45, with oil trading 0.57% higher against the USD from Friday’s close.
The pair is expected to find support at 33.28, and a fall through could take it to the next support level of 31.12. The pair is expected to find its first resistance at 36.69, and a rise through could take it to the next resistance level of 37.94.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.