For the 24 hours to 23:00 GMT, Crude Oil declined 1.50% against the USD and closed at USD67.44 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories rose by 3.4 million barrels to 432.6 million barrels in the week ended 27 March.
In the Asian session, at GMT0300, the pair is trading at 67.46, with oil trading marginally higher against the USD from yesterday’s close, amid concerns that the US might re-impose sanctions on Iran.
The pair is expected to find support at 66.57, and a fall through could take it to the next support level of 65.69. The pair is expected to find its first resistance at 68.62, and a rise through could take it to the next resistance level of 69.79.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
