For the 24 hours to 23:00 GMT, Crude Oil rose 4.74% against the USD and closed at USD39.1 per barrel on Friday, after the Baker Hughes reported that US oil drilling rig count declined by 16 to 206 for the week ended 05 June 2020.
In the Asian session, at GMT0300, the pair is trading at 39.83, with oil trading 1.87% higher against the USD from Friday’s close, after the Organisation of the Petroleum Exporting Countries (OPEC) and its allies agreed to extend record oil production cuts until the end of July.
The pair is expected to find support at 37.81, and a fall through could take it to the next support level of 35.80. The pair is expected to find its first resistance at 41.12, and a rise through could take it to the next resistance level of 42.42.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
