Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.44% against the USD and closed at USD58.97 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles declined by 12.8 million barrels to 469.6 million barrels in the week ended 21 June 2019.
In the Asian session, at GMT0300, the pair is trading at 59.22, with oil trading 0.42% higher against the USD from yesterday’s close.
The pair is expected to find support at 58.60, and a fall through could take it to the next support level of 57.99. The pair is expected to find its first resistance at 59.88, and a rise through could take it to the next resistance level of 60.55.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
