Crude Oil: Oil extends its losses in the morning session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 2.69% against the USD and closed at USD48.80 per barrel, after the American Petroleum Institute (API) stated that US crude oil stockpiles surprisingly rose by 1.8 million barrels to 488.8 million during the week ended 28 July.

Crude prices further declined, on reports that OPEC’s crude production advanced to 33.0 million barrels per day (bpd) in July, despite the group’s pledge to limit output.

In the Asian session, at GMT0300, the pair is trading at 48.68, with the oil trading 0.25% lower against the USD from yesterday’s close.

The pair is expected to find support at 47.89, and a fall through could take it to the next support level of 47.1. The pair is expected to find its first resistance at 49.95, and a rise through could take it to the next resistance level of 51.22.

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

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