Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 1.23% against the USD and closed at USD66.62 per barrel, as the US sanctions on Iran led to concerns of tighter global oil supplies and amid easing trade war tensions between the US and China.

In the Asian session, at GMT0300, the pair is trading at 66.70, with oil trading 0.12% higher against the USD from yesterday’s close, amid a weaker US dollar.

The pair is expected to find support at 65.94, and a fall through could take it to the next support level of 65.18. The pair is expected to find its first resistance at 67.11, and a rise through could take it to the next resistance level of 67.52.

Moving ahead, investors will closely watch the weekly crude oil inventories data from the American Petroleum Institute (API) due later today.

Crude oil is trading above its 20 Hr and 50 Hr moving averages.

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