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 2.13% against the USD and closed at USD65.67 per barrel on Friday, amid rising US production and possibility that the OPEC might increase supplies.

Additionally, Baker Hughes reported that the US oil rig count rose by 2 to 861 in the week ended 1 June.

In the Asian session, at GMT0300, the pair is trading at 65.71, with oil trading 0.06% higher against the USD from Friday’s close.

The pair is expected to find support at 65.03, and a fall through could take it to the next support level of 64.36. The pair is expected to find its first resistance at 66.86, and a rise through could take it to the next resistance level of 68.02.

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

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