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 1.53% against the USD and closed at USD70.76 per barrel, after Russia signalled at a gradual increase in crude production and the Organisation of the Petroleum Exporting Countries (OPEC) stated that an increase on crude output will be discussed in the June OPEC meeting.

In the Asian session, at GMT0300, the pair is trading at 70.59, with oil trading 0.24% lower against the USD from yesterday’s close.

The pair is expected to find support at 70.16, and a fall through could take it to the next support level of 69.73. The pair is expected to find its first resistance at 71.38, and a rise through could take it to the next resistance level of 72.17.

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

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