Crude Oil Movement
Crude Oil prices advanced 1.20% against the USD for the 24 hour period ending 23:00GMT, closing at 60.90.
Separately, the American Petroleum Institute (API) showed that US crude oil stocks gained by 1.8 million barrels in the week ended 29 May, against an anticipated decline of 1.7 million barrels.
In the Asian session, at GMT0300, the pair is trading at 60.93, with the oil trading a tad higher from yesterday’s close.
The pair is expected to find support at 60.16, and a fall through could take it to the next support level of 59.40. The pair is expected to find its first resistance at 61.63, and a rise through could take it to the next resistance level of 62.34.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
