For the 24 hours to 23:00 GMT, Crude Oil rose 0.80% against the USD and closed at USD71.52 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles fell 1.4 million barrels to 432.4 million barrels in the week ended 11 May.
In the Asian session, at GMT0300, the pair is trading at 71.71, with oil trading 0.27% higher against the USD from yesterday’s close.
The pair is expected to find support at 70.96, and a fall through could take it to the next support level of 70.21. The pair is expected to find its first resistance at 72.16, and a rise through could take it to the next resistance level of 72.61.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.