Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.74% against the USD and closed at USD48.70 per barrel, on news that Libya had boosted its production to a three-year high of 827,000 barrels a day, intensifying worries about a global oversupply.
Meanwhile, the American Petroleum Institute (API) report showed that US crude oil inventories fell by 8.7 million barrels to 513.2 million barrels in the week ended 26 May.
In the Asian session, at GMT0300, the pair is trading at 48.71, with the oil trading slightly higher from yesterday’s close.
The pair is expected to find support at 47.79, and a fall through could take it to the next support level of 46.87. The pair is expected to find its first resistance at 49.57, and a rise through could take it to the next resistance level of 50.43.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
