Crude Oil Movement
Crude Oil prices declined 3.00% against the USD for the 24 hour period ending 23:00GMT, closing at 51.70, on escalated concerns of a global oil oversupply, after Iran clinched a deal with the West and eventually led to the removal of the imposed sanctions that limit the nation’s oil exports.
Oil prices failed to find support, after the Energy Information Administration (EIA) revealed that US crude oil inventories narrowed by 4.3 million barrels to 461.4 in the week ended 10 July, against an anticipated decline of 1.8 million barrels.
In the Asian session, at GMT0300, the pair is trading at 52.01, with the oil trading 0.6% higher from yesterday’s close.
The pair is expected to find support at 51.01, and a fall through could take it to the next support level of 50.02. The pair is expected to find its first resistance at 53.19, and a rise through could take it to the next resistance level of 54.38.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
