Crude Oil: Oil extends its gains in the Asian sesssion

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.26% against the USD and closed at USD 72.11 per barrel.

The Energy Information Administration (EIA) report indicated that US crude oil stockpiles advanced 1.9 million barrels to 396.0 million in the week ended 21 September.

In the Asian session, at GMT0300, the pair is trading at 72.46, with oil trading 0.49% higher against the USD from yesterday’s close.

The pair is expected to find support at 71.77, and a fall through could take it to the next support level of 71.08. The pair is expected to find its first resistance at 72.85, and a rise through could take it to the next resistance level of 73.24.

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

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