Crude Oil: Oil trading on a weaker footing this morning

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.38% against the USD and closed at USD52.7 per barrel, after the Energy Information Administration (EIA) indicated that US shale production is likely to post the biggest monthly gain in more than two years in May.

The EIA, in its monthly report, forecasted a rise of 124,000 barrels per day (bpd) to 5.193 million bpd in seven major US shale-oil plays.

In the Asian session, at GMT0300, the pair is trading at 52.58, with the oil trading 0.23% lower against the USD from yesterday’s close.

The pair is expected to find support at 52.32, and a fall through could take it to the next support level of 52.07. The pair is expected to find its first resistance at 53.02, and a rise through could take it to the next resistance level of 53.47.

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

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