Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.73% against the USD and closed at USD72.18 per barrel, amid supply concerns after the American Petroleum Institute reported that US crude oil inventories dropped by 2.1 million barrels to 415.1 million barrels in the week ended 12 October.
In the Asian session, at GMT0300, the pair is trading at 72.03, with oil trading 0.21% lower against the USD from yesterday’s close.
The pair is expected to find support at 71.22, and a fall through could take it to the next support level of 70.42. The pair is expected to find its first resistance at 72.63, and a rise through could take it to the next resistance level of 73.24.
Going ahead, investors will keep a close watch on the weekly crude inventories data from the Energy Information Administration (EIA), due later in the day.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
