Crude Oil Movement
Crude Oil prices declined 2.34% against the USD for the 24 hour period ending 23:00GMT, closing at 67.61, after Iraq’s government made a deal with Kurds regarding oil exports, thus adding to oversupply concerns.
Separately, the American Petroleum Institute (API) showed that the US crude stockpiles unexpectedly fell by 6.5 million barrels in the last week, against an anticipated increase by 1.3 million barrels.
In the Asian session, at GMT0400, the pair is trading at 67.62, with the oil trading a tad higher from yesterday’s close.
The pair is expected to find support at 66.46, and a fall through could take it to the next support level of 65.31. The pair is expected to find its first resistance at 68.97, and a rise through could take it to the next resistance level of 70.33.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
