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 0.5% against the USD and closed at USD49.27 per barrel, after production at Libya’s largest oil field resumed after a brief disruption.

In the Asian session, at GMT0300, the pair is trading at 49.22, with the oil trading 0.1% lower against the USD from yesterday’s close, as investors remained sceptic about the outcome of an ongoing meeting of OPEC members in Abu Dhabi.

The pair is expected to find support at 48.66, and a fall through could take it to the next support level of 48.09. The pair is expected to find its first resistance at 49.67, and a rise through could take it to the next resistance level of 50.11.

Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.

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