Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.57% against the USD and closed at USD40.4 per barrel, as surge in coronavirus cases across the globe stoked concerns over energy demand. Additionally, the American Petroleum Institute (API) reported that crude oil inventories rose by 2.0 million barrels for the week ended 3 July 2020.
In the Asian session, at GMT0400, the pair is trading at 40.59, with oil trading 0.47% higher against the USD from yesterday’s close.
The pair is expected to find support at 40.01, and a fall through could take it to the next support level of 39.43. The pair is expected to find its first resistance at 41.06, and a rise through could take it to the next resistance level of 41.53.
Crude oil is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
