Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.48% against the USD and closed at USD61.38 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles rose by 4.7 million barrels to 476.8 million in the week ended 17 May 2019.
In the Asian session, at GMT0300, the pair is trading at 61.13, with oil trading 0.41% lower against the USD from yesterday’s close, amid concerns over rising US crude inventories and weak demand from refineries.
The pair is expected to find support at 60.45, and a fall through could take it to the next support level of 59.76. The pair is expected to find its first resistance at 62.30, and a rise through could take it to the next resistance level of 63.46.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.