For the 24 hours to 23:00 GMT, Crude Oil declined 4.55% against the USD and closed at USD70.63 per barrel, as Libya’s National Oil Corporation (NOC) lifted a force majeure on four oil ports.
The Energy Information Administration (EIA) report indicated that US crude oil stockpiles declined by 12.6 million barrels to 405.3 million in the week ended 06 July 2018.
In the Asian session, at GMT0300, the pair is trading at 70.74, with oil trading 0.16% higher against the USD from yesterday’s close.
The pair is expected to find support at 69.16, and a fall through could take it to the next support level of 67.58. The pair is expected to find its first resistance at 73.18, and a rise through could take it to the next resistance level of 75.62.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.