For the 24 hours to 23:00 GMT, Crude Oil rose 1.23% against the USD and closed at USD39.57 per barrel on Friday, amid hopes that global fuel demand would rebound more quickly than estimated. Additionally, Baker Hughes reported that US oil drilling rig count dropped by 10 to 189 for the week ended 12 June 2020.
In the Asian session, at GMT0300, the pair is trading at 39.75, with oil trading 0.45% higher against the USD from Friday’s close, on restricted supplies from major producers.
The pair is expected to find support at 38.60, and a fall through could take it to the next support level of 37.46. The pair is expected to find its first resistance at 40.69, and a rise through could take it to the next resistance level of 41.64.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.