For the 24 hours to 23:00 GMT, Crude Oil declined 0.47% against the USD and closed at USD42.16 per barrel, amid concerns over energy demand. Meanwhile, the Baker Hughes reported that US oil drilling rig count fell by 4 to 172 for the week ended 07 August 2020.
In the Asian session, at GMT0400, the pair is trading at 42.42, with oil trading 0.62% higher against the USD from yesterday’s close.
The pair is expected to find support at 41.88, and a fall through could take it to the next support level of 41.33. The pair is expected to find its first resistance at 42.71, and a rise through could take it to the next resistance level of 42.99.
Crude oil is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.