Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.97% against the USD and closed at USD36.71 per barrel, amid uncertainty about the timing and scale of a potential extension to the agreement between the Organisation of the Petroleum Exporting Countries (OPEC) and its allies to cut crude supplies Separately, the Energy Information Administration (EIA) reported that crude oil inventories dropped by 2.1 million barrels to 532.2 million barrels for the week ended 29 May 2020.
In the Asian session, at GMT0300, the pair is trading at 36.58, with oil trading 0.35% lower against the USD from yesterday’s close.
The pair is expected to find support at 35.58, and a fall through could take it to the next support level of 34.58. The pair is expected to find its first resistance at 37.88, and a rise through could take it to the next resistance level of 39.18.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
