Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 2.42% against the USD and closed at USD44.84 per barrel, after fresh data showed a decline in weekly US crude production. Total domestic crude production fell by 100,000 barrels per day to 9.25 million barrels a day.
Meanwhile, the Energy Information Administration (EIA) reported a modest rise of 0.1 million barrels in US crude oil stockpiles, taking the total to 509.2 million barrels in the week ended 23 June.
In the Asian session, at GMT0300, the pair is trading at 44.94, with the oil trading 0.22% higher against the USD from yesterday’s close.
The pair is expected to find support at 44.15, and a fall through could take it to the next support level of 43.36. The pair is expected to find its first resistance at 45.38, and a rise through could take it to the next resistance level of 45.82.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
