Crude Oil: Oil extends its losses in the morning session, ahead of API’s weekly crude oil inventories data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 1.29% against the USD and closed at USD61.35 per barrel, following a bearish report from the Energy Information Administration (EIA).

The EIA, in its monthly report, projected that crude oil production from seven major US shale plays would rise by 131,000 barrels a day to 6.95 million barrels a day in April.

In the Asian session, at GMT0400, the pair is trading at USD61.21 per barrel, with oil trading 0.23% lower against the USD from yesterday’s close.

The pair is expected to find support at 60.52, and a fall through could take it to the next support level of 59.83. The pair is expected to find its first resistance at 62.05, and a rise through could take it to the next resistance level of 62.89.

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

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