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 0.11% against the USD and closed at USD64.72 per barrel, after the Energy Information Administration (EIA) indicated that US crude oil stockpiles advanced by 1.60 million barrels to 429.95 million barrels in the week ended 23 March. Additionally, the agency reported that US crude production inched up to fresh record high of 10.43 million barrels per day last week.

In the Asian session, at GMT0300, the pair is trading at 64.58, with oil trading 0.22% lower against the USD from yesterday’s close.

The pair is expected to find support at 63.82, and a fall through could take it to the next support level of 63.07. The pair is expected to find its first resistance at 65.23, and a rise through could take it to the next resistance level of 65.89.

Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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