Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.06% against the USD and closed at USD68.90 per barrel, amid reports of a fall in Saudi Arabia’s crude output and following renewed US sanctions against Iran.
In the Asian session, at GMT0300, the pair is trading at 69.09, with oil trading 0.28% higher against the USD from yesterday’s close.
The pair is expected to find support at 68.49, and a fall through could take it to the next support level of 67.88. The pair is expected to find its first resistance at 69.81, and a rise through could take it to the next resistance level of 70.52.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.