Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.46% against the USD and closed at USD70.08 per barrel, amid fears that US sanctions would tighten Iranian supplies.
In the Asian session, at GMT0300, the pair is trading at 70.06, with oil trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 69.66, and a fall through could take it to the next support level of 69.25. The pair is expected to find its first resistance at 70.34, and a rise through could take it to the next resistance level of 70.61.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.