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 3.35% against the USD and closed at USD64.67 per barrel on Friday, after Baker Hughes reported that the US oil rigs count advanced by 1 to 863 in the week ended 15 June 2018.

In the Asian session, at GMT0300, the pair is trading at 63.88, with oil trading 1.22% lower against the USD from Friday’s close, amid expectations that Russia and Saudi Arabia will raise production.

The pair is expected to find support at 62.64, and a fall through could take it to the next support level of 61.40. The pair is expected to find its first resistance at 66.07, and a rise through could take it to the next resistance level of 68.26.

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

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