For the 24 hours to 23:00 GMT, Crude Oil declined 1.66% against the USD and closed at USD60.56 per barrel, after Iran, OPEC’s third-largest producer, announced plans to boost oil production within the next four years by at least 700,000 barrels a day, adding to fears of a sharp increase in global supplies.
In the Asian session, at GMT0400, the pair is trading at 60.58, with oil trading slightly higher against the USD from yesterday’s close.
The pair is expected to find support at 59.87, and a fall through could take it to the next support level of 59.16. The pair is expected to find its first resistance at 61.69, and a rise through could take it to the next resistance level of 62.80.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.