Crude Oil: Oil reverses its gains in the Asian session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.69% against the USD and closed at USD74.74 per barrel, amid decline in Iranian crude exports ahead of US sanctions.

In the Asian session, at GMT0300, the pair is trading at 74.59, with oil trading 0.20% lower against the USD from yesterday’s close, after the IMF cut its global economic growth forecasts for 2018 and 2019.

The pair is expected to find support at 73.97, and a fall through could take it to the next support level of 73.34. The pair is expected to find its first resistance at 75.24, and a rise through could take it to the next resistance level of 75.90.

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

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