Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.40% against the USD and closed at USD73.10 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles unexpectedly rose 1.2 million barrels to 417.9 million barrels in the week ended 29 June.
In the Asian session, at GMT0300, the pair is trading at 72.78, with oil trading 0.44% lower against the USD from yesterday’s close.
The pair is expected to find support at 71.94, and a fall through could take it to the next support level of 71.10. The pair is expected to find its first resistance at 74.21, and a rise through could take it to the next resistance level of 75.64.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
