Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.11% against the USD and closed at USD63.47 per barrel, amid ease in fears over political turmoil in Venezuela. Additionally, the American Petroleum Institute (API) reported that US crude oil inventories climbed by 6.8 million barrels to 466.4 million barrels for the week ended 26 April 2019.
In the Asian session, at GMT0300, the pair is trading at 63.28, with oil trading 0.30% 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 62.15. The pair is expected to find its first resistance at 64.30, and a rise through could take it to the next resistance level of 65.31.
Going ahead, investors will keep a close watch on the weekly crude inventories data from the Energy Information Administration (EIA), due later in the day.
Crude oil is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
