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

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.1% against the USD and closed at USD61.30 per barrel, as strength in the US Dollar continued to hurt demand for the commodity.

Separately, the American Petroleum Institute (API) indicated an unexpected drop of 907,000 barrels in US crude oil inventories during the week ended 16 February, bringing the total to 420.30 million barrels.

In the Asian session, at GMT0400, the pair is trading at 61.07, with oil trading 0.38% lower against the USD from yesterday’s close.

The pair is expected to find support at 60.59, and a fall through could take it to the next support level of 60.12. The pair is expected to find its first resistance at 61.70, and a rise through could take it to the next resistance level of 62.34.

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

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