Oil dips before Baker Hughes data which shows a decline in working rigs

The US rig count fell 13 to 266 vs the previous 279 and Nat Gas rigs also fell 3 to 75.
There have been other headlines which sent the price lower before the data.
This is the 7th week straight of record lows in oil and gas rigs online.
This is also a record low this week for Canadian rigs online.

Rajan Dhall, MSTA FX Daily

WTI 1-hour chart

WTI had a pretty good session on Friday breaking the USD 40.00 per barrel psychological level once again. In the US session, there has been a decline in prices as the COVID-19 data seems to be getting worse in the US. American airline and travel companies are among the worst performers in the indices as travel restrictions are being enacted but some of the US states. Earlier on in the day, NY governor Cuomo stated that any visitors from Florida would need to quarantine for 14 days when arriving to to New York. This will put off travellers and therefore petro/gasoline purchases.

Elsewhere data collected from JODI showed Russian crude oil production in March was revised upward by 35KBD and its April figure rose month-on-month by 68 KBD to 10.68 MBD. This could have been reason for the spike down in the chart below. Lastly, the Saudi Oil Minister said he sees encouraging signs of demand recovery, but of course, he has a vested interest in the oil price.

Additional levels

WTI

Overview
Today last price	39.47
Today Daily Change	0.46
Today Daily Change %	1.18
Today daily open	39.01

Trends
Daily SMA20	36.59
Daily SMA50	29.35
Daily SMA100	34.66
Daily SMA200	45.97

Levels
Previous Daily High	39.16
Previous Daily Low	37.41
Previous Weekly High	40.61
Previous Weekly Low	34.72
Previous Monthly High	35.92
Previous Monthly Low	19.61
Daily Fibonacci 38.2%	38.49
Daily Fibonacci 61.8%	38.08
Daily Pivot Point S1	37.89
Daily Pivot Point S2	36.78
Daily Pivot Point S3	36.14
Daily Pivot Point R1	39.65
Daily Pivot Point R2	40.28
Daily Pivot Point R3	41.4

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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