For the 24 hours to 23:00 GMT, Crude Oil rose 0.42% against the USD and closed at USD71.53 per barrel, aided by concerns of potential disruptions to oil supply from major exporter, Iran in the wake of fresh US sanctions.
In the Asian session, at GMT0300, the pair is trading at 71.29, with oil trading 0.34% lower against the USD from yesterday’s close.
The pair is expected to find support at 70.60, and a fall through could take it to the next support level of 69.92. The pair is expected to find its first resistance at 71.93, and a rise through could take it to the next resistance level of 72.58.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
