Crude Oil: Oil extends its gains, ahead of API’s weekly crude oil inventories data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 1.85% against the USD and closed at USD62.62 per barrel, after the International Energy Agency (IEA) forecasted that global oil demand would grow over the next 5 years and output from OPEC members would increase at a much slower pace in coming years.

Meanwhile, the agency also predicted that the US would become the world’s top crude producer by 2023 with production hitting a record of 12.1 million barrels per day.

In the Asian session, at GMT0400, the pair is trading at 62.70, with oil trading 0.13% higher against the USD from yesterday’s close.

The pair is expected to find support at 61.57, and a fall through could take it to the next support level of 60.45. The pair is expected to find its first resistance at 63.35, and a rise through could take it to the next resistance level of 64.01.

Crude oil is trading above its 20 Hr and 50 Hr moving averages.

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