For the 24 hours to 23:00 GMT, Crude Oil declined 2.72% against the USD and closed at USD72.71 per barrel after the American Petroleum Institute (API) reported a sharp increase in the US crude oil inventories by 9.7 million barrels to 413.0 million barrels in the week ended 05 October.
In the Asian session, at GMT0300, the pair is trading at 71.99, with oil trading 0.99% lower against the USD from yesterday’s close.
The pair is expected to find support at 70.91, and a fall through could take it to the next support level of 69.82. The pair is expected to find its first resistance at 74.08, and a rise through could take it to the next resistance level of 76.16.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.