Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 3.30% against the USD and closed at USD60.42 per barrel, after the US Energy Information Administration (EIA) report revealed that crude supplies fell by 9.5 million barrels for the week ended 5 July 2019.
In the Asian session, at GMT0300, the pair is trading at 60.59, with oil trading 0.28% higher against the USD from yesterday’s close.
The pair is expected to find support at 59.20, and a fall through could take it to the next support level of 57.81. The pair is expected to find its first resistance at 61.34, and a rise through could take it to the next resistance level of 62.09.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.