For the 24 hours to 23:00 GMT, Crude Oil rose 2.72% against the USD and closed at USD62.21 per barrel, after US decided to tighten sanctions on Iranian oil, thereby reigniting geopolitical tensions in the Middle East.
In the Asian session, at GMT0300, the pair is trading at 62.25, with oil trading 0.06% higher against the USD from yesterday’s close.
The pair is expected to find support at 60.72, and a fall through could take it to the next support level of 59.18. The pair is expected to find its first resistance at 63.37, and a rise through could take it to the next resistance level of 64.48.
Moving ahead, investors will keep a close watch on the weekly crude oil inventories data from the American Petroleum Institute (API), due later in the day.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.