Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 3.36% against the USD and closed at USD65.75 per barrel, amid ongoing trade war fears.
Meanwhile, the Energy Information Administration reported that crude-oil production from seven major US shale plays is expected to rise 141,000bls a day to 7.34mn barrels a day in July.
In the Asian session, at GMT0300, the pair is trading at 65.60, with oil trading 0.23% lower against the USD from yesterday’s close.
The pair is expected to find support at 64.15, and a fall through could take it to the next support level of 62.69. The pair is expected to find its first resistance at 66.52, and a rise through could take it to the next resistance level of 67.43.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
