For the 24 hours to 23:00 GMT, Crude Oil declined 0.52% against the USD and closed at USD72.16 per barrel, surrendering its previous session gains.
Separately, the American Petroleum Institute (API) reported that US crude oil inventories fell 1.3 million barrels to 433.9 million barrels in the week ended 18 May.
In the Asian session, at GMT0300, the pair is trading at 71.91, with oil trading 0.35% lower against the USD from yesterday’s close.
The pair is expected to find support at 71.50, and a fall through could take it to the next support level of 71.09. The pair is expected to find its first resistance at 72.61, and a rise through could take it to the next resistance level of 73.31.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
