Crude Oil: Oil trading lower in the morning session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil slightly declined against the USD and closed at USD61.74 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles rose 5.8 million barrels to 431.8 million in the week ended 02 November 2018, marking its seventh consecutive rise.

In the Asian session, at GMT0400, the pair is trading at 61.71, with oil trading 0.05% lower against the USD from yesterday’s close, as increase in the US crude output raised concerns of a return of global oversupply.

The pair is expected to find support at 60.88, and a fall through could take it to the next support level of 60.05. The pair is expected to find its first resistance at 62.86, and a rise through could take it to the next resistance level of 64.01.

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

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