Crude Oil Movement
Crude Oil prices declined 1.49% against the USD for the 24 hour period ending 23:00GMT, closing at 60.22, as Greece’s creditors did not approve the debt reform proposals put forward by the Greek officials.
The commodity failed to find any support, despite the Energy Information Administration (EIA) revealing that the US crude oil stocks fell for the eight consecutive week. The agency disclosed that US crude oil inventories narrowed more than expected by 4.9 million barrels to 463.0 million barrels in the week ended 19 June
In the Asian session, at GMT0300, the pair is trading at 60.30, with the oil trading 0.13% higher from yesterday’s close.
The pair is expected to find support at 59.54, and a fall through could take it to the next support level of 58.78. The pair is expected to find its first resistance at 61.31, and a rise through could take it to the next resistance level of 62.32.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
