Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.35% against the USD and closed at USD68.42 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories unexpectedly increased by 5.6 million barrels to 413.2 million barrels in the week ended 27 July.
In the Asian session, at GMT0300, the pair is trading at 68.34, with oil trading 0.12% lower against the USD from yesterday’s close.
The pair is expected to find support at 67.48, and a fall through could take it to the next support level of 66.61. The pair is expected to find its first resistance at 69.71, and a rise through could take it to the next resistance level of 71.07.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
