Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.07% against the USD and closed at USD69.33 per barrel, amid a stronger US dollar and speculation of rising stockpiles at the Cushing, Oklahoma.
In the Asian session, at GMT0300, the pair is trading at 69.44, with oil trading 0.16% higher against the USD from yesterday’s close, as the impact of the tropical storm, Gordon, was not as initially anticipated.
The pair is expected to find support at 68.55, and a fall through could take it to the next support level of 67.65. The pair is expected to find its first resistance at 70.87, and a rise through could take it to the next resistance level of 72.29.
Investors keenly await the weekly crude inventories data from the American Petroleum Institute (API) due later today.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
