Crude Oil: Oil trading lower in the morning session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.42% against the USD and closed at USD67.30 per barrel on Friday, after the International Energy Agency (IEA) stated that global crude oil stocks were falling sharply, and that OPEC and its allies are close to clearing a global supply glut. Also, the agency forecasted global oil demand to grow by 1.5 million barrels per day in 2018.

Separately, Baker Hughes indicated that active oil rigs in the US rose by 7 to 815 in the week ended 13 April, hitting its highest since March 2015.

In the Asian session, at GMT0300, the pair is trading at 66.80, with oil trading 0.74% lower against the USD from Friday’s close.

The pair is expected to find support at 66.37, and a fall through could take it to the next support level of 65.95. The pair is expected to find its first resistance at 67.49, and a rise through could take it to the next resistance level of 68.19.

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

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