Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.02% against the USD and closed at USD72.25 per barrel after Saudi Arabia and Russia declined to announce an immediate increase in production despite calls by the US President, Donald Trump for action to raise global supply.
In the Asian session, at GMT0300, the pair is trading at 72.34, with oil trading 0.12% higher against the USD from yesterday’s close, amid looming US sanctions against Iran.
The pair is expected to find support at 71.63, and a fall through could take it to the next support level of 70.91. The pair is expected to find its first resistance at 72.89, and a rise through could take it to the next resistance level of 73.45.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.