Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.80% against the USD and closed at USD71.66 per barrel.
In the Asian session, at GMT0300, the pair is trading at 71.89, with oil trading 0.32% higher against the USD from yesterday’s close, amid easing trade tensions between US and Saudi Arabia.
The pair is expected to find support at 71.08, and a fall through could take it to the next support level of 70.27. The pair is expected to find its first resistance at 72.47, and a rise through could take it to the next resistance level of 73.05.
Moving ahead, investors will keep a close watch on the weekly crude inventories data from the American Petroleum Institute (API), due later in the day.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
