Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.58% against the USD and closed at USD68.15 per barrel, as expectations that the US would likely re-impose sanctions against Iran shrugged off a bearish report on US inventories.
The Energy Information Administration (EIA) reported that US crude oil stockpiles rose by 2.2 million barrels to 429.7 million barrels in the week ended 20 April.
In the Asian session, at GMT0300, the pair is trading at 68.42, with oil trading 0.40% higher against the USD from yesterday’s close.
The pair is expected to find support at 67.54, and a fall through could take it to the next support level of 66.66. The pair is expected to find its first resistance at 68.87, and a rise through could take it to the next resistance level of 69.32.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
