Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.29% against the USD and closed at USD69.55 per barrel, supported by Saudi Arabia’s halt on transporting crude through the Red Sea waterway, falling US inventories and easing trade tensions between the US and EU.
In the Asian session, at GMT0300, the pair is trading at 69.56, with oil trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 69.01, and a fall through could take it to the next support level of 68.47. The pair is expected to find its first resistance at 70.01, and a rise through could take it to the next resistance level of 70.47.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
