Crude Oil: Oil extends its gains in the morning session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.08% against the USD and closed at USD63.63 per barrel, after the Energy Information Administration (EIA) report showed that US crude oil stockpiles surprisingly fell by 4.6 million barrels to 425.3 million barrels in the week ended 30 March.

In the Asian session, at GMT0300, the pair is trading at 63.67, with oil trading 0.06% higher against the USD from yesterday’s close.

The pair is expected to find support at 62.56, and a fall through could take it to the next support level of 61.44. The pair is expected to find its first resistance at 64.29, and a rise through could take it to the next resistance level of 64.90.

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

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