Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.62% against the USD and closed at USD70.08 per barrel, amid weekly declines in the US crude supplies and led by ongoing concerns over tighter global inventories tied to the US sanctions on Iran.
In the Asian session, at GMT0300, the pair is trading at 70.27, with oil trading 0.27% higher against the USD from yesterday’s close.
The pair is expected to find support at 69.71, and a fall through could take it to the next support level of 69.16. The pair is expected to find its first resistance at 70.66, and a rise through could take it to the next resistance level of 71.06.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
