Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 3.24% against the USD and closed at USD44.52 per barrel, after the International Energy Agency (IEA) report projected a big increase in non-OPEC crude output in 2018.
Additionally, the Energy Information Administration (EIA) indicated that US crude oil inventories fell less-than-expected by 1.7 million barrels to 511.5 million barrels in the week ended 09 June.
In the Asian session, at GMT0300, the pair is trading at 44.70, with the oil trading 0.40% higher against the USD from yesterday’s close.
The pair is expected to find support at 43.94, and a fall through could take it to the next support level of 43.19. The pair is expected to find its first resistance at 45.97, and a rise through could take it to the next resistance level of 47.25.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
