Crude Oil: Oil trading on a stronger footing, on potential supply disruptions and ahead of API’s weekly crude oil inventories data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.63% against the USD and closed at USD66.43 per barrel, amid easing tensions surrounding Syria.

In the Asian session, at GMT0300, the pair is trading at 66.53, with oil trading 0.15% higher against the USD from yesterday’s close, amid potential supply disruptions in the Middle East.

The pair is expected to find support at 66.12, and a fall through could take it to the next support level of 65.70. The pair is expected to find its first resistance at 66.96, and a rise through could take it to the next resistance level of 67.38.

Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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