Crude Oil: Oil trading higher, ahead of Baker Hughes weekly rig count data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil surged 20.94% against the USD and closed at USD16.00 per barrel, after data showed that the US inventories climbed less-than-expected and amid optimism that demand for oil would rebound as some European countries and US states began easing lockdown restrictions. The Energy Information Administration (EIA) reported that crude oil inventories jumped by 9.0 million barrels to 527.6 million barrels in the week ended 24 April 2020.

In the Asian session, at GMT0300, the pair is trading at 16.81, with oil trading 5.06% higher against the USD from yesterday’s close.

The pair is expected to find support at 14.39, and a fall through could take it to the next support level of 11.96. The pair is expected to find its first resistance at 18.08, and a rise through could take it to the next resistance level of 19.34.

Crude oil is trading above its 20 Hr and 50 Hr moving averages.

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