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 1.23% against the USD and closed at USD66.65 per barrel, after the US Energy Information Administration (EIA) reported that crude supplies dropped more-than-expected by 4.1 million barrels in the week ended 8 June 2018, marking its largest fall since the end of March 2018.

In the Asian session, at GMT0300, the pair is trading at 66.67, with oil trading slightly higher against the USD from yesterday’s close.

The pair is expected to find support at 66.04, and a fall through could take it to the next support level of 65.42. The pair is expected to find its first resistance at 67.09, and a rise through could take it to the next resistance level of 67.52.

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

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