Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.2% against the USD and closed at USD46.01 per barrel, after the American Petroleum Institute (API) reported that US crude oil stockpiles surprisingly rose by 2.8 million barrels to 511.4 million barrels in the week ended 09 June.
Additionally, the Organization of the Petroleum Exporting Countries (OPEC), in its monthly report, stated that its output increased by 336,000 barrels per day (bpd) in May to 32.14 million bpd, amid a rebound in Nigerian and Libyan oil output, which were exempted from supply cuts.
In the Asian session, at GMT0300, the pair is trading at 46.00, with the oil trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 45.52, and a fall through could take it to the next support level of 45.03. The pair is expected to find its first resistance at 46.53, and a rise through could take it to the next resistance level of 47.05.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
