Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.90% against the USD and closed at USD61.68 per barrel, after the expiry of US waivers on Iran oil sanctions and as an increase in domestic supplies and record US crude production continued to weigh on prices.
In the Asian session, at GMT0300, the pair is trading at 61.70, with oil trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 60.57, 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 63.22, and a rise through could take it to the next resistance level of 64.73.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
