Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.65% against the USD and closed at USD61.99 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles declined by 4.0 million barrels to 466.6 million barrels in the week ended 03 May 2019. Additionally, mounting tensions between US and Iran raised concerns over supply disruptions.
In the Asian session, at GMT0300, the pair is trading at 61.53, with oil trading 0.74% lower against the USD from yesterday’s close.
The pair is expected to find support at 60.94, and a fall through could take it to the next support level of 60.36. The pair is expected to find its first resistance at 62.24, and a rise through could take it to the next resistance level of 62.96.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
