Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.25% against the USD and closed at USD63.13 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories fell by 5.9 million barrels to 430.0 million barrels in the week ended 03 January 2020.
In the Asian session, at GMT0400, the pair is trading at 63.64, with oil trading 0.81% higher against the USD from yesterday’s close, after Iran attacked American forces in Iraq in response to the US strike.
The pair is expected to find support at 61.95, and a fall through could take it to the next support level of 60.26. The pair is expected to find its first resistance at 65.49, and a rise through could take it to the next resistance level of 67.34.
Crude oil is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
