Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.38% against the USD and closed at USD64.03 per barrel, extending its previous session gains, on the back of robust US demand and following an outage in Libyan oil field.
In the Asian session, at GMT0400, the pair is trading at 63.88, with oil trading 0.23% lower against the USD from yesterday’s close.
The pair is expected to find support at 63.21, and a fall through could take it to the next support level of 62.55. The pair is expected to find its first resistance at 64.39, and a rise through could take it to the next resistance level of 64.91.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
