Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.77% against the USD and closed at USD68.47 per barrel, buoyed by increased tension in the Middle East, after Israeli Prime Minister, Benjamin Netanyahu, accused Iran of lying about its nuclear ambitions.
Separately, the Energy Information Administration (EIA) reported that US crude oil production jumped 260,000 barrels per day (bpd) to 10.26 million bpd in February.
In the Asian session, at GMT0300, the pair is trading at 68.73, with oil trading 0.38% higher against the USD from yesterday’s close.
The pair is expected to find support at 67.49, and a fall through could take it to the next support level of 66.24. The pair is expected to find its first resistance at 69.66, and a rise through could take it to the next resistance level of 70.58.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
