Crude Oil: Oil extends gains in the morning session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 1.61% against the USD and closed at USD71.23 per barrel, extending its previous session gains, after the US decided to quit a nuclear deal with Iran.

Gains in crude prices were boosted further, after the Energy Information Administration (EIA) reported that US crude oil inventories fell by 2.2 million barrels to 433.8 million barrels in the week ended 04 May.

In the Asian session, at GMT0300, the pair is trading at 71.68, with oil trading 0.63% higher against the USD from yesterday’s close.

The pair is expected to find support at 70.84, and a fall through could take it to the next support level of 70.01. The pair is expected to find its first resistance at 72.13, and a rise through could take it to the next resistance level of 72.59.

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

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