Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.74% against the USD and closed at USD67.76 per barrel, on news that the US and France are nearing an agreement to preserve the Iran nuclear deal. Additionally, the American Petroleum Institute (API) reported that US crude oil inventories surprisingly rose by 1.1 million barrels to 429.1 million in the week ended 20 April.
In the Asian session, at GMT0300, the pair is trading at 67.69, with oil trading 0.10% lower against the USD from yesterday’s close.
The pair is expected to find support at 66.99, and a fall through could take it to the next support level of 66.28. The pair is expected to find its first resistance at 68.89, and a rise through could take it to the next resistance level of 70.08.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
