Crude Oil: Oil extends its losses in the Asian session, 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 USD67.10 per barrel, after the Energy Information Administration (EIA) reported that US crude production jumped to a record high of 10.47 million bpd in March.

Nevertheless, the EIA report also indicated that US crude oil stockpiles decreased 3.6 million barrels to 434.5 million barrels in the week ended 25 May.

In the Asian session, at GMT0300, the pair is trading at 66.94, with oil trading 0.24% lower against the USD from yesterday’s close.

The pair is expected to find support at 66.26, and a fall through could take it to the next support level of 65.58. The pair is expected to find its first resistance at 67.92, and a rise through could take it to the next resistance level of 68.90.

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

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