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 3.61% against the USD and closed at USD61.65 per barrel, after data indicated a rise in US crude oil inventories and record high domestic crude production.

The Energy Information Administration (EIA) disclosed that US crude oil stockpiles rose 1.9 million barrels to 420.3 million in the week ended 02 February. Additionally, it reported that US crude production surged 10.25 million barrels per day (bpd) last week.

In the Asian session, at GMT0400, the pair is trading at 61.54, with oil trading 0.18% lower against the USD from yesterday’s close.

The pair is expected to find support at 60.53, and a fall through could take it to the next support level of 59.51. The pair is expected to find its first resistance at 63.28, and a rise through could take it to the next resistance level of 65.01.

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

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