For the 24 hours to 23:00 GMT, Crude Oil rose 0.23% against the USD and closed at USD64.05 per barrel, after an announcement by the Niger Delta Avengers to attack Nigeria’s oil industry sparked a fresh wave of geopolitical tensions.
Gains in crude prices were boosted further, after the American Petroleum Institute (API) reported that US crude oil inventories fell by 5.1 million barrels to 411.5 million in the week ended 12 January.
In the Asian session, at GMT0400, the pair is trading at 64.23, with oil trading 0.28% higher against the USD from yesterday’s close.
The pair is expected to find support at 63.58, and a fall through could take it to the next support level of 62.92. The pair is expected to find its first resistance at 64.62, and a rise through could take it to the next resistance level of 65.00.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.