Crude Oil Movement
Crude Oil prices advanced 0.38% against the USD for the 24 hour period ending 23:00GMT, closing at 60.18.
Gains in oil prices were trimmed, after a private survey showed that the OPEC continued pumping ample oil in the market, as its output reached a two-and-a-half year high of 31.22 million barrels of oil per day (bpd) in May.
In the Asian session, at GMT0300, the pair is trading at 60.18, with the oil trading flat from yesterday’s close.
The pair is expected to find support at 59.46, and a fall through could take it to the next support level of 58.74. The pair is expected to find its first resistance at 60.77, and a rise through could take it to the next resistance level of 61.36.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
