Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.89% against the USD and closed at USD51.50 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles rose by 6.8 million barrels to 483.3 million in the week ended 31 May 2019.
In the Asian session, at GMT0300, the pair is trading at 51.83, with oil trading 0.64% higher against the USD from yesterday’s close.
The pair is expected to find support at 50.49, and a fall through could take it to the next support level of 49.16. The pair is expected to find its first resistance at 53.27, and a rise through could take it to the next resistance level of 54.72.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
