For the 24 hours to 23:00 GMT, Crude Oil rose 2.07% against the USD and closed at USD36.42 per barrel on Friday, after the Baker Hughes reported that US oil drilling rig count dropped by 7 to 199 for the week ended 12 June 2020.
In the Asian session, at GMT0300, the pair is trading at 35.00, with oil trading 3.90% lower against the USD from Friday’s close, amid fears that resurgence in coronavirus cases would hurt fuel demand.
The pair is expected to find support at 34.19, and a fall through could take it to the next support level of 33.38. The pair is expected to find its first resistance at 36.40, and a rise through could take it to the next resistance level of 37.80.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
