Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 2.88% against the USD and closed at USD25.34 per barrel, amid optimism over production cuts and hopes that gradual easing of coronavirus-induced lockdown would revive demand for oil. Separately, the American Petroleum Institute (API) reported that crude oil inventories rose by 7.6 million barrels to 526.2 million barrels for the week ended 8 May 2020.
In the Asian session, at GMT0300, the pair is trading at 25.62, with oil trading 1.10% higher against the USD from yesterday’s close.
The pair is expected to find support at 24.48, and a fall through could take it to the next support level of 23.35. The pair is expected to find its first resistance at 26.49, and a rise through could take it to the next resistance level of 27.37.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
