For the 24 hours to 23:00 GMT, Crude Oil rose 2.23% against the USD and closed at USD33.86 per barrel.
On Friday, Baker Hughes reported that US oil drilling rig count dropped by 21 to 237 for the week ended 22 May 2020.
In the Asian session, at GMT0300, the pair is trading at 34.08, with oil trading 0.65% higher against the USD from yesterday’s close, as producers continue to cut crude supply and as several economies eased coronavirus lockdowns.
The pair is expected to find support at 33.36, and a fall through could take it to the next support level of 32.64. The pair is expected to find its first resistance at 34.49, and a rise through could take it to the next resistance level of 34.90.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
