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Oil Trading A Tad Higher In The Morning Session Print E-mail
Analysis | Commodity Market Commentaries | Written by GCI Financial | Thu Mar 08 18 03:19 ET

For the 24 hours to 23:00 GMT, Crude Oil declined 1.3% against the USD and closed at USD61.30 per barrel, after the Energy Information Administration (EIA) reported that weekly US crude production surged to a record high of almost 10.4 million barrels per day in the week ended 02 March.

Additionally, the agency indicated that US crude oil stockpiles rose by 2.4 million barrels to 425.9 million barrels during the last week.

In the Asian session, at GMT0400, the pair is trading at 61.31, with oil trading marginally higher against the USD from yesterday’s close.

The pair is expected to find support at 60.40, and a fall through could take it to the next support level of 59.49. The pair is expected to find its first resistance at 62.40, and a rise through could take it to the next resistance level of 63.49.

Crude oil is trading below its 20 Hr and 50 Hr moving averages.

GCI Financial

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