Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 3.33% against the USD and closed at USD69.87 per barrel, after, the American Petroleum Institute (API) reported a large draw of 8.6 million barrels to 398.2 million barrels in the US crude oil inventories in the week ended 07 September.
In the Asian session, at GMT0300, the pair is trading at 70.02, with oil trading 0.21% higher against the USD from yesterday’s close.
The pair is expected to find support at 68.30, and a fall through could take it to the next support level of 66.59. The pair is expected to find its first resistance at 70.91, and a rise through could take it to the next resistance level of 71.81.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.