Crude Oil Movement
Crude Oil prices advanced 2.08% against the USD for the 24 hour period ending 23:00GMT, closing at 59.47, as deadline for Iran’s nuclear deal was extended by a week.
On the other hand, the OPEC’s oil production jumped to a three year high of 31.60 million barrels per day (bpd) in June, up from prior month’s level of 31.30 million bpd.
Separately, the American Petroleum Institute disclosed that US crude oil stocks unexpectedly rose by 1.9 million barrels to 468.9 million, last week.
In the Asian session, at GMT0300, the pair is trading at 58.75, with the oil trading 1.21% lower from yesterday’s close.
The pair is expected to find support at 57.89, and a fall through could take it to the next support level of 57.04. The pair is expected to find its first resistance at 59.64, and a rise through could take it to the next resistance level of 60.54.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
