Crude Oil Movement
On Friday, Crude Oil prices declined 0.94% against the USD for the period ending 21:00GMT, closing at 59.97. Losses in oil prices were kept in check, after the number of US rigs actively drilling for oil dropped for the 27th consecutive week by 7 units to 635 in the week ended 12 June, thus indicating that US oil stocks continue to decline.
In the Asian session, at GMT0300, the pair is trading at 59.71, with the oil trading 0.43% lower from Friday’s close.
The pair is expected to find support at 59.36, and a fall through could take it to the next support level of 59.01. The pair is expected to find its first resistance at 60.31, and a rise through could take it to the next resistance level of 60.91.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
