For the 24 hours to 23:00 GMT, Crude Oil declined 1.66% against the USD and closed at USD68.78 per barrel, ahead of US sanctions on Iran to be imposed in November.
In the Asian session, at GMT0300, the pair is trading at 68.90, with oil trading 0.17% higher against the USD from yesterday’s close.
The pair is expected to find support at 68.28, and a fall through could take it to the next support level of 67.66. The pair is expected to find its first resistance at 69.71, and a rise through could take it to the next resistance level of 70.52.
Going ahead, traders look forward to the Baker Hughes weekly rig count data, set to release later in the day.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.