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

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 2.04% against the USD and closed at USD50.53 per barrel, as global supply glut concerns resurfaced following reports of a rise in OPEC’s September crude output and as Iraq announced an increase in its September crude exports.

In the Asian session, at GMT0300, the pair is trading at 50.42, with the oil trading 0.22% lower against the USD from yesterday’s close.

The pair is expected to find support at 49.78, and a fall through could take it to the next support level of 49.15. The pair is expected to find its first resistance at 51.34, and a rise through could take it to the next resistance level of 52.27.

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

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