Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.00% against the USD and closed at USD63.54 per barrel.
In the Asian session, at GMT0300, the pair is trading at 63.46, with oil trading 0.13% lower against the USD from yesterday’s close.
The pair is expected to find support at 62.72, and a fall through could take it to the next support level of 61.97. The pair is expected to find its first resistance at 63.93, and a rise through could take it to the next resistance level of 64.43.
Moving ahead, investors will keep a close watch on the weekly crude inventories data from the American Petroleum Institute (API), due later in the day.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
