Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.47% against the USD and closed at USD65.84 per barrel, after the American Petroleum Institute (API) reported that US crude oil supplies advanced by 833,000 bls in the week ended 8 June 2018.
Separately, the Energy Information Administration (EIA) raised its 2018 domestic crude production forecast by 0.6% to 10.79mn bls per day. However, it reduced its 2019 output forecast by 0.8% to 11.76mn bls per day.
In the Asian session, at GMT0300, the pair is trading at 66.01, with oil trading 0.26% higher against the USD from yesterday’s close.
The pair is expected to find support at 65.45, and a fall through could take it to the next support level of 64.90. The pair is expected to find its first resistance at 66.63, and a rise through could take it to the next resistance level of 67.26.
Crude oil is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
