Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.42% against the USD and closed at USD66.65 per barrel, after Russia signalled that output will remain high and as ongoing weakness in global equity markets raised concerns over crude demand.
In the Asian session, at GMT0400, the pair is trading at 67.10, with oil trading 0.68% higher against the USD from yesterday’s close.
The pair is expected to find support at 66.35, and a fall through could take it to the next support level of 65.61. The pair is expected to find its first resistance at 67.78, and a rise through could take it to the next resistance level of 68.47.
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 showing convergence with its 20 Hr and 50 Hr moving averages.
