Crude Oil: Oil extends its gains in the Asian session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 2.42% against the USD and closed at USD72.33 per barrel, after the Energy Information Administration (EIA) report indicated a massive drop in US crude oil stockpiles. The agency reported that crude supplies declined by 9.9 million barrels to 416.64 million barrels in the week ended 22 June, marking its largest weekly decline this year.

In the Asian session, at GMT0300, the pair is trading at 72.59, with oil trading 0.36% higher against the USD from yesterday’s close.

The pair is expected to find support at 71.10, and a fall through could take it to the next support level of 69.61. The pair is expected to find its first resistance at 73.57, and a rise through could take it to the next resistance level of 74.55.

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

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