Crude Oil: Oil reverses its losses in the Asian session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.21% against the USD and closed at USD70.95 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories unexpectedly rose by 4.9 million barrels to 435.6 million barrels in the last week.

In the Asian session, at GMT0300, the pair is trading at 71.11, with oil trading 0.23% higher against the USD from yesterday’s close.

The pair is expected to find support at 70.38, and a fall through could take it to the next support level of 69.65. The pair is expected to find its first resistance at 71.88, and a rise through could take it to the next resistance level of 72.65.

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

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