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 1.33% against the USD and closed at USD57.86 per barrel, as news of restart of the Keystone crude pipeline raised prospects of higher supply.

Additionally, growing uncertainty over the outcome of the OPEC meeting, due later in the week, further weighed on crude prices.

In the Asian session, at GMT0400, the pair is trading at 57.74, with oil trading 0.21% lower against the USD from yesterday’s close.

The pair is expected to find support at 57.28, and a fall through could take it to the next support level of 56.82. The pair is expected to find its first resistance at 58.47, and a rise through could take it to the next resistance level of 59.20.

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

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