Crude Oil: Oil reverses its gains, ahead of Baker Hughes weekly rig count data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.31% against the USD and closed at USD67.02 per barrel, amid persistent tensions over Syria as well as bullish monthly report from Organisation of the Petroleum Exporting Countries (OPEC).

The report revealed that OPEC’s total crude output declined by 201,000 barrels per day (bpd) to average 31.96 million bpd in March.

In the Asian session, at GMT0300, the pair is trading at 66.88, with oil trading 0.21% lower against the USD from yesterday’s close.

The pair is expected to find support at 66.14, and a fall through could take it to the next support level of 65.41. The pair is expected to find its first resistance at 67.47, and a rise through could take it to the next resistance level of 68.07.

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

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

Comments are closed.