Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.29% against the USD and closed at USD59.87 per barrel, amid declines in global production led by the OPEC and supply reductions brought on by the US sanctions on Iran and Venezuela.
Meanwhile, the American Petroleum Institute (API) reported that US crude oil inventories rose 1.9 million barrels in the week ended 22 March 2019.
In the Asian session, at GMT0400, the pair is trading at 60.01, with oil trading 0.23% higher against the USD from yesterday’s close.
The pair is expected to find support at 59.30, and a fall through could take it to the next support level of 58.59. The pair is expected to find its first resistance at 60.55, and a rise through could take it to the next resistance level of 61.09.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
