Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.08% against the USD and closed at USD63.52 per barrel, amid escalation in Venezuela’s political turmoil.
Separately, the Energy Information Administration (EIA) report indicated that US crude oil stockpiles surged 9.9 million barrels to 470.6 million barrels in the week ended 26 April 2019.
In the Asian session, at GMT0300, the pair is trading at 63.40, with oil trading 0.19% lower against the USD from yesterday’s close.
The pair is expected to find support at 62.80, and a fall through could take it to the next support level of 62.21. The pair is expected to find its first resistance at 63.96, and a rise through could take it to the next resistance level of 64.53.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
