Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.23% against the USD and closed at USD48.10 per barrel, as investors grew sceptic that OPEC-led cuts will prove sufficient to rebalance an oversupplied market.
However, losses in crude prices were trimmed, after the Energy Information Administration (EIA) reported that US crude oil stockpiles dropped by 6.4 million barrels to 509.9 million barrels in the week ended 26 May.
In the Asian session, at GMT0300, the pair is trading at 48.06, with the oil trading 0.08% lower from yesterday’s close, on concerns that that US President Donald Trump’s decision to abandon a global climate pact could spark more crude drilling in the nation.
The pair is expected to find support at 47.52, and a fall through could take it to the next support level of 46.99. The pair is expected to find its first resistance at 48.88, and a rise through could take it to the next resistance level of 49.71.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
