Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 3.12% against the USD and closed at USD13.23 per barrel.
In the Asian session, at GMT0300, the pair is trading at 13.86, with oil trading 4.76% higher against the USD from yesterday’s close, after US stockpiles rose less-than-expected. Data showed that the American Petroleum Institute (API) reported that crude oil inventories rose by 10 million barrels to 510 million barrels in the week ended 24 April 2020.
The pair is expected to find support at 11.15, and a fall through could take it to the next support level of 8.45. The pair is expected to find its first resistance at 15.48, and a rise through could take it to the next resistance level of 17.11.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
