Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.22% against the USD and closed at USD67.86 per barrel, amid signs of tightening US crude inventories.

In the Asian session, at GMT0300, the pair is trading at 68.12, with oil trading 0.38% higher against the USD from yesterday’s close, on expectations that the US sanctions on Iran will reduce significant volumes of crude from the oil market towards the end of 2018.

The pair is expected to find support at 67.57, and a fall through could take it to the next support level of 67.03. The pair is expected to find its first resistance at 68.41, and a rise through could take it to the next resistance level of 68.71.

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

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