Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.6% against the USD and closed at USD61.32 per barrel, amid concerns over rising US crude production.
In the Asian session, at GMT0400, the pair is trading at 60.96, with oil trading 0.59% lower against the USD from yesterday’s close, extending its losses from the previous session. Also, investors await weekly rig count data from Baker Hughes due later today.
The pair is expected to find support at 60.15, and a fall through could take it to the next support level of 59.34. The pair is expected to find its first resistance at 61.8, and a rise through could take it to the next resistance level of 62.64.
Crude oil is trading below its 20 Hr and 50 Hr moving average.
