Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.15% against the USD and closed at USD60.90 per barrel, on the back of brighter demand outlook after the Organisation of the Petroleum Exporting Countries (OPEC) stated that global oil consumption was expected to grow by 1.62 million barrels per day in 2018.
Separately, the Energy Information Administration (EIA) indicated that US crude stockpiles rose by 5.0 million barrels to 430.9 million barrels in the week ended 09 March.
In the Asian session, at GMT0400, the pair is trading at 61.06, with oil trading 0.26% higher against the USD from yesterday’s close.
The pair is expected to find support at 60.34, and a fall through could take it to the next support level of 59.61. The pair is expected to find its first resistance at 61.56, and a rise through could take it to the next resistance level of 62.05.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
