Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.27% against the USD and closed at USD57.26 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles fell by 1.1 million barrels to 468.5 million in the week ended 28 June 2019. Additionally, fresh figures from Baker Hughes disclosed that the number of active oil rigs declined by 5 to 788 in the week ended 03 July 2019.
In the Asian session, at GMT0300, the pair is trading at 56.97, with oil trading 0.51% lower against the USD from yesterday’s close.
The pair is expected to find support at 56.15, and a fall through could take it to the next support level of 55.33. The pair is expected to find its first resistance at 57.68, and a rise through could take it to the next resistance level of 58.39.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
