Crude Oil: Oil trading lower in the morning session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.93% against the USD and closed at USD61.58 per barrel, hurt by a stronger US Dollar and amid expectations that US oil production would rise more than 10.00 million barrels per day, slightly behind Russia and ahead of Saudi Arabia.

In the Asian session, at GMT0400, the pair is trading at 61.23, with oil trading 0.57% lower against the USD from yesterday’s close.

The pair is expected to find support at 60.80, and a fall through could take it to the next support level of 60.36. 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 62.86.

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

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