Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.74% against the USD and closed at USD56.59 per barrel, after US crude supplies dropped less-than-expected and gasoline inventories climbed significantly.
Meanwhile, the Energy Information Administration (EIA) report indicated that US crude oil stockpiles fell 3.1 million barrels to 455.9 million in the week ended 12 June 2019.
In the Asian session, at GMT0300, the pair is trading at 56.80, with oil trading 0.37% higher against the USD from yesterday’s close.
The pair is expected to find support at 55.89, and a fall through could take it to the next support level of 54.97. The pair is expected to find its first resistance at 58.04, and a rise through could take it to the next resistance level of 59.27.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
