Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.02% against the USD and closed at USD42.63 per barrel, on concerns that rising glut of global supplies is blunting OPEC-led efforts to rebalance market.
However, losses in crude prices were kept in check, after the Energy Information Administration (EIA) reported that US crude oil stockpiles fell more-than-expected by 2.5 million barrels to 509.1 million barrels in the week ended 16 June.
In the Asian session, at GMT0300, the pair is trading at 42.57, with the oil trading 0.14% lower against the USD from yesterday’s close.
The pair is expected to find support at 41.68, and a fall through could take it to the next support level of 40.79. The pair is expected to find its first resistance at 43.83, and a rise through could take it to the next resistance level of 45.09.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
