For the 24 hours to 23:00 GMT, Crude Oil rose 0.9% against the USD and closed at USD63.58 per barrel, after the American Petroleum Institute (API) reported a surprise crude draw in US crude oil inventories last week.

The API indicated that US crude oil stockpiles fell by 3.3 million barrels to 427.3 million barrels in the week ended 30 March.

In the Asian session, at GMT0300, the pair is trading at 63.37, with oil trading 0.33% lower against the USD from yesterday’s close.

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The pair is expected to find support at 62.97, and a fall through could take it to the next support level of 62.58. The pair is expected to find its first resistance at 63.81, and a rise through could take it to the next resistance level of 64.26.

Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average

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