Crude Oil: extends its gains in the Asian session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 1.60% against the USD and closed at USD69.81 per barrel amid rising risk over decline in global supplies.

Separately, the American Petroleum Institute (API) reported that US crude oil inventories rose 1.3 million barrels to 399.5 million barrels in the week ended 14 September.

In the Asian session, at GMT0300, the pair is trading at 69.95, with oil trading 0.20% higher against the USD from yesterday’s close.

The pair is expected to find support at 68.85, and a fall through could take it to the next support level of 67.74. The pair is expected to find its first resistance at 70.74, and a rise through could take it to the next resistance level of 71.52.

Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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