Crude Oil: Oil trading on a stronger footing this morning

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 1.03% against the USD and closed at USD45.36 per barrel, after the Organisation of the Petroleum Exporting Countries (OPEC) stated that its output rose by 393,000 barrels per day (bpd) in June to 32.6 million bpd. despite a pledge to curb output.

However, losses in crude prices were capped, after the Energy Information Administration (EIA) revealed that US crude oil stockpiles fell more-than-expected by 7.6 million barrels to 495.4 million barrels in the week ended 07 July.

In the Asian session, at GMT0300, the pair is trading at 45.44, with the oil trading 0.18% higher against the USD from yesterday’s close.

The pair is expected to find support at 44.87, and a fall through could take it to the next support level of 44.31. The pair is expected to find its first resistance at 46.24, and a rise through could take it to the next resistance level of 47.05.

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

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