Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.40% against the USD and closed at USD51.94 per barrel, after the Energy Information Administration report indicated that seven major US shale producers projected a rise in their crude oil output by 70,000 barrels per day to 8.5 million barrels a day in July.
In the Asian session, at GMT0300, the pair is trading at 51.84, with oil trading 0.19% lower against the USD from yesterday’s close.
The pair is expected to find support at 51.37, and a fall through could take it to the next support level of 50.89. The pair is expected to find its first resistance at 52.53, and a rise through could take it to the next resistance level of 53.21.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.