Crude Oil Movement
Crude Oil prices advanced 4.74% against the USD for the 24 hour period ending 23:00GMT, closing at 69.23, rebounding from its previous session heavy losses as weakness in the dollar increased the demand for alternative investments.
In the Asian session, at GMT0400, the pair is trading at 68.53, with the oil trading 1.01% lower from yesterday’s close.
The pair is expected to find support at 64.98, and a fall through could take it to the next support level of 61.44. The pair is expected to find its first resistance at 70.80, and a rise through could take it to the next resistance level of 73.08.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
