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 0.61% against the USD and closed at USD65.09 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles unexpectedly rose 2.1 million barrels to 436.6 million barrels in the week ended 01 June.

Additionally, the EIA also reported that US crude oil production rose by 31,000 bpd to 10.8 million bpd last week.

In the Asian session, at GMT0300, the pair is trading at 64.96, with oil trading 0.2% lower against the USD from yesterday’s close.

The pair is expected to find support at 64.17, and a fall through could take it to the next support level of 63.37. The pair is expected to find its first resistance at 65.86, and a rise through could take it to the next resistance level of 66.75.

Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

This entry was posted in Crude Oil. Bookmark the permalink.

Comments are closed.