Crude Oil: Oil trading lower, ahead of Baker Hughes weekly rig count data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 4.41% against the USD and closed at USD56.59 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles fell less than expected by 0.3 million barrels to 476.5 million barrels in the week ended 24 May 2019.

In the Asian session, at GMT0300, the pair is trading at 56.11, with oil trading 0.85% lower against the USD from yesterday’s close.

The pair is expected to find support at 54.61, and a fall through could take it to the next support level of 53.12. The pair is expected to find its first resistance at 58.65, and a rise through could take it to the next resistance level of 61.20.

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

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