Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 3.55% against the USD and closed at USD70.62 per barrel, amid news that the US demanded all countries cut imports of Iranian oil to zero by November. Moreover, the American Petroleum Institute (API) reported that US crude oil inventories fell 9.2 million barrels to 421.4 million barrels in the week ended 22 June.
In the Asian session, at GMT0300, the pair is trading at 70.73, with oil trading 0.16% higher against the USD from yesterday’s close.
The pair is expected to find support at 68.66, and a fall through could take it to the next support level of 66.60. The pair is expected to find its first resistance at 71.85, and a rise through could take it to the next resistance level of 72.98.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
