Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.16% against the USD and closed at USD70.10 per barrel, reversing its earlier losses after the US President, Donald Trump confirmed the withdrawal of the US from a multilateral nuclear deal with Iran.
Additionally, the American Petroleum Institute (API) report showed that US crude oil inventories fell by 1.9 million barrels to 430.7 million in the week ended 04 May.
In the Asian session, at GMT0300, the pair is trading at 70.61, with oil trading 0.73% higher against the USD from yesterday’s close.
The pair is expected to find support at 68.59, and a fall through could take it to the next support level of 66.56. The pair is expected to find its first resistance at 71.68, and a rise through could take it to the next resistance level of 72.74.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
