Crude Oil: Oil extends its gains in the morning session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.49% against the USD and closed at USD41.28 per barrel, after the Energy Information Administration (EIA) reported that crude oil inventories fell by 10.6 million barrels to 526.0 million barrels for the week ended 24 July 2020.

In the Asian session, at GMT0300, the pair is trading at 41.31, with oil trading 0.07% higher against the USD from yesterday’s close.

The pair is expected to find support at 40.97, and a fall through could take it to the next support level of 40.63. The pair is expected to find its first resistance at 41.61, and a rise through could take it to the next resistance level of 41.91.

Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.

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