Crude Oil: Oil extends its losses, ahead of Baker Hughes weekly rig count data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 2.08% against the USD and closed at USD48.56 per barrel, after the Organisation of the Petroleum Exporting Countries (OPEC), reported an increase in its July oil output by 173,000 barrels per day (bpd) to 32.87 million bpd, driven by higher production in Libya, Nigeria and Saudi Arabia.

Meanwhile, OPEC raised its 2017 growth forecast for global oil demand by 100,000 bpd to 1.37 million bpd.

In the Asian session, at GMT0300, the pair is trading at 48.43, with the oil trading 0.27% lower against the USD from yesterday’s close.

The pair is expected to find support at 47.78, and a fall through could take it to the next support level of 47.13. The pair is expected to find its first resistance at 49.65, and a rise through could take it to the next resistance level of 50.87.

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

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