Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.39% against the USD and closed at USD64.14 per barrel, after Russia suggested an end of the OPEC-led production cuts deal after the end of June. Also, the American Petroleum Institute (API) reported that US crude oil inventories rose by 4.1 million barrels in the week ended 05 April 2019. Additionally, the Energy Information Administration, in its Short-term Energy Outlook report, increased its US crude output forecasts by 0.7% and 0.5% for 2019 and 2020, respectively.
In the Asian session, at GMT0300, the pair is trading at 64.08, with oil trading 0.09% lower against the USD from yesterday’s close.
The pair is expected to find support at 63.58, and a fall through could take it to the next support level of 63.07. The pair is expected to find its first resistance at 64.69, and a rise through could take it to the next resistance level of 65.29.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
