Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 3.24% against the USD and closed at USD68.75 per barrel, after the Energy Information Administration (EIA) indicated that US crude oil stockpiles unexpectedly fell by 1.1 million barrels to 427.6 million barrels in the week ended 13 April. Additionally, news reports indicated that Saudi Arabia seeks to hike crude prices to as high as USD80 to USD100 per barrel.
In the Asian session, at GMT0300, the pair is trading at 68.71, with oil trading 0.06% lower against the USD from yesterday’s close.
The pair is expected to find support at 67.36, and a fall through could take it to the next support level of 66.00. The pair is expected to find its first resistance at 69.51, and a rise through could take it to the next resistance level of 70.30.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
