Crude Oil Movement
Crude Oil prices declined 0.95% against the USD for the 24 hour period ending 23:00GMT, closing at 60.54.
Yesterday, the International Energy Agency in its monthly oil report forecasted that demand for oil to rise by 1.4 million barrels a day in 2015, raising its projection from last month by 300,000 barrels a day. The agency also mentioned that oil supplies from the OPEC rose by 50,000 barrels in May, notching its highest level since August 2012, due to increasing output from Saudi Arabia and Iraq.
In the Asian session, at GMT0300, the pair is trading at 60.52, with the oil trading marginally lower from yesterday’s close.
The pair is expected to find support at 59.97, and a fall through could take it to the next support level of 59.43. The pair is expected to find its first resistance at 61.29, and a rise through could take it to the next resistance level of 62.07.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
