For the 24 hours to 23:00 GMT, Crude Oil marginally rose against the USD and closed at USD72.14 per barrel, after the US officials denied utilising domestic reserves to reduce the surge in oil prices.
In the Asian session, at GMT0300, the pair is trading at 72.25, with oil trading 0.15% 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 71.29. The pair is expected to find its first resistance at 72.66, and a rise through could take it to the next resistance level of 73.08.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.