Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.37% against the USD and closed at USD76.23 per barrel, amid prospects of decline in Iranian oil exports due to looming US sanctions.
Meanwhile, the US Energy Information Administration reported that crude oil inventories rose by 8.0 million barrels in the week ended 28 September 2018.
In the Asian session, at GMT0300, the pair is trading at 76.25, with oil trading slightly higher against the USD from yesterday’s close.
The pair is expected to find support at 74.73, and a fall through could take it to the next support level of 73.22. The pair is expected to find its first resistance at 77.33, and a rise through could take it to the next resistance level of 78.42.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
