Crude Oil: Oil trading higher, ahead of EIA’s weekly crude oil stockpiles data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil slightly declined against the USD and closed at USD39.69 per barrel, amid fears that resurgence in new coronavirus cases would hurt energy demand.

In the Asian session, at GMT0300, the pair is trading at 39.75, with oil trading 0.15% higher against the USD from yesterday’s close, after the American Petroleum Institute (API) reported that crude oil inventories fell by 8.2 million barrels to 537.0 million barrels for the week ended 26 June 2020.

The pair is expected to find support at 39.04, and a fall through could take it to the next support level of 38.33. The pair is expected to find its first resistance at 40.27, and a rise through could take it to the next resistance level of 40.79.

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

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