Crude Oil Movement
Crude Oil prices declined 0.37% against the USD for the 24 hour period ending 23:00GMT, closing at 59.79.
Yesterday, the Energy Information Administration (EIA) showed that US crude oil inventories edged down for the seventh consecutive week by 2.7 million barrels to 467.9 million barrels in the week ended 12 June, against an anticipated decline of 2.4 million barrels.
In the Asian session, at GMT0300, the pair is trading at 59.60, with the oil trading 0.32% lower from yesterday’s close.
The pair is expected to find support at 58.50, and a fall through could take it to the next support level of 57.41. The pair is expected to find its first resistance at 61.03, and a rise through could take it to the next resistance level of 62.47.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
