Crude Oil Movement
Crude Oil prices declined 0.60% against the USD for the 24 hour period ending 23:00GMT, closing at 56.62, extending its previous session losses.
Meanwhile, a report showed that the number of active oil drilling rigs in the US increased by 12 units to 640 rigs in the week ended 02 July ,its first weekly increase in 30 weeks.
In the Asian session, at GMT0300, the pair is trading at 56.66, with the oil trading 0.07% higher from yesterday’s close.
The pair is expected to find support at 56.05, and a fall through could take it to the next support level of 55.45. The pair is expected to find its first resistance at 57.60, and a rise through could take it to the next resistance level of 58.55.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
