Crude Oil Movement
Crude Oil prices declined 0.56% against the USD for the 24 hour period ending 23:00GMT, closing at 60.43.
Losses in oil prices were trimmed after the Energy Information Administration reported that the US crude oil stocks unexpectedly fell by 3.9 million barrels to 487.0 million barrels, registering its first drop in nearly 4-months, in the week ended 01 May. Analysts were expecting an increase of 1.5 million barrels.
In the Asian session, at GMT0300, the pair is trading at 60.37, with the oil trading 0.1% lower from yesterday’s close.
The pair is expected to find support at 59.56, and a fall through could take it to the next support level of 58.75. The pair is expected to find its first resistance at 61.88, and a rise through could take it to the next resistance level of 63.39.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
