Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.00% against the USD and closed at USD61.59 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories advanced by 2.8 million barrels in the week ended 03 May 2019. Moreover, the Energy Information Administration (EIA), in its monthly Short-term Energy Outlook, lifted its oil US crude production projections for 2019 to 12.45 million barrels per day and its 2020 output forecasts to 13.38 million barrels per day.
In the Asian session, at GMT0300, the pair is trading at 61.87, with oil trading 0.45% higher against the USD from yesterday’s close.
The pair is expected to find support at 60.86, and a fall through could take it to the next support level of 59.84. The pair is expected to find its first resistance at 62.69, and a rise through could take it to the next resistance level of 63.50.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
