Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.67% against the USD and closed at USD68.87 per barrel, after the US Energy Information Administration (EIA) revealed that US inventories of gasoline, diesel and heating oil unexpectedly dropped last week. However, the EIA indicated that US crude oil stockpiles rose 5.8 million barrels to 411.1 million in the week ended 13 July 2018.
In the Asian session, at GMT0300, the pair is trading at 68.84, with oil trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 67.57, and a fall through could take it to the next support level of 66.29. The pair is expected to find its first resistance at 69.59, and a rise through could take it to the next resistance level of 70.33.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
