Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.06% against the USD and closed at 44.64, after a survey disclosed that members of the Organization of the Petroleum Exporting Countries (OPEC) pumped the most oil in almost eight years.
According to S&P Global Platts, OPEC’s June crude production rose by 300,000 barrels a day from a month earlier to 32.73 million barrels a day.
In the Asian session, at GMT0300, the pair is trading at 44.90, with the oil trading 0.58% higher from yesterday’s close.
The pair is expected to find support at 44.29, and a fall through could take it to the next support level of 43.68. The pair is expected to find its first resistance at 45.64, and a rise through could take it to the next resistance level of 46.38.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
