Crude Oil Movement
Crude Oil prices declined 2.02% against the USD for the 24 hour period ending 23:00GMT, closing at 59.67, as it is widely expected that the OPEC will maintain its current levels of production, despite global supply glut hitting oil prices.
Oil prices failed to find support, after the Energy Information Administration (EIA) showed that US crude oil inventories narrowed for the fifth consecutive week by 1.9 million barrels to 477 million barrels in the week ended 29 May.
In the Asian session, at GMT0300, the pair is trading at 59.52, with the oil trading 0.25% lower from yesterday’s close.
The pair is expected to find support at 58.76, and a fall through could take it to the next support level of 58.00. The pair is expected to find its first resistance at 60.85, and a rise through could take it to the next resistance level of 62.18.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
