Crude Oil: Oil trading higher ahead of API’s weekly crude oil inventories data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.39% against the USD and closed at USD20.42 per barrel, amid ongoing oil price war between Saudi Arabia and Russia and as demand for oil declined.

In the Asian session, at GMT0300, the pair is trading at 21.67, with oil trading 6.12% higher against the USD from yesterday’s close.

The pair is expected to find support at 20.04, and a fall through could take it to the next support level of 18.42. The pair is expected to find its first resistance at 22.52, and a rise through could take it to the next resistance level of 23.38.

Crude oil is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.

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