Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 2.36% against the USD and closed at USD63.71 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories unexpectedly fell by 2.7 million barrels to 425.3 million barrels in the week ended 16 March.
In the Asian session, at GMT0400, the pair is trading at 63.73, with oil trading slightly higher against the USD from yesterday’s close.
The pair is expected to find support at 62.63, and a fall through could take it to the next support level of 61.54. The pair is expected to find its first resistance at 64.40, and a rise through could take it to the next resistance level of 65.08.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
