Crude Oil Movement
Crude Oil prices advanced 3.77% against the USD for the 24 hour period ending 23:00GMT, closing at 60.56, after the Energy Information Administration (EIA), in its monthly report, raised its forecasts for 2015 West Texas Intermediate (WTI) crude prices. Additionally, the American Petroleum Institute (API) revealed that US crude oil inventories declined more than expected by 6.7 million barrels, against a 1.6 million barrels drop in the week ended 05 June.
In the Asian session, at GMT0300, the pair is trading at 60.88, with the oil trading 0.53% higher from yesterday’s close.
The pair is expected to find support at 59.05, and a fall through could take it to the next support level of 57.23. The pair is expected to find its first resistance at 61.88, and a rise through could take it to the next resistance level of 62.89.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
