Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.43% against the USD and closed at USD67.73 per barrel, pushed up by persistent concerns that the US may reimpose sanctions on major OPEC member, Iran. Moreover, the International Monetary Fund threatened to expel Venezuela, raising concerns over the nation’s crude production.
Separately, the Energy Information Administration (EIA) indicated that US crude oil stockpiles jumped by 6.2 million barrels to 435.96 million barrels in the week ended 27 April.
In the Asian session, at GMT0300, the pair is trading at 67.82, with oil trading 0.13% higher against the USD from yesterday’s close.
The pair is expected to find support at 67.11, and a fall through could take it to the next support level of 66.41. The pair is expected to find its first resistance at 68.33, and a rise through could take it to the next resistance level of 68.85.
Crude oil is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
