Crude Oil: Oil extends its losses in the Asian session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.72% against the USD and closed at USD45.29 per barrel.

However, losses in crude prices were trimmed, after the Energy Information Administration (EIA) reported that US crude stockpiles fell by 6.3 million barrels to 502.9 million barrels in the week ended 30 June, hitting its lowest since January 2016.

In the Asian session, at GMT0300, the pair is trading at 44.97, with the oil trading 0.71% lower against the USD from yesterday’s close, as news of an advance in US crude production intensified supply glut fears.

The pair is expected to find support at 44.23, and a fall through could take it to the next support level of 43.49. The pair is expected to find its first resistance at 46.12, and a rise through could take it to the next resistance level of 47.27.

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

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