For the 24 hours to 23:00 GMT, Crude Oil declined 3.48% against the USD and closed at USD66.75 per barrel, amid mounting trade tensions between the US and China. Moreover, the Energy Information Administration (EIA) reported a weaker-than-expected drop in crude inventories further weighing on oil prices. The EIA report indicated that US crude oil stockpiles dropped by 1.4 million barrels to 407.3 million in the week ended 03 August.
In the Asian session, at GMT0300, the pair is trading at 67.07, with oil trading 0.48% higher against the USD from yesterday’s close.
The pair is expected to find support at 65.80, and a fall through could take it to the next support level of 64.53. The pair is expected to find its first resistance at 68.85, and a rise through could take it to the next resistance level of 70.64.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.