WTI Crude hit our short entry support target, ending Friday’s session below $40 pbl after Baker Hughes rig count increased to 211 from 205, as we continue to print lower in early trade today weighed down by Biden’s pledge to transition away from crude (as he leads in the polls) and WHO’s warning of dangerous moments ahead for countries in the Northern hemisphere as virus cases surge. Technically, an hourly close below 38.70 to favor lower prints.
Support: 38.70/ 38
Resistance: 39.27 / 40
