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 rose 2.36% against the USD and closed at USD41.61 per barrel, after the European Union agreed on a stimulus aid package worth €750 billion to aid recovery.

In the Asian session, at GMT0300, the pair is trading at 41.67, with oil trading 0.14% higher against the USD from yesterday’s close, after the American Petroleum Institute (API) reported that crude oil inventories rose by 7.5 million barrels for the week ended 17 July 2020.

The pair is expected to find support at 40.86, and a fall through could take it to the next support level of 40.04. The pair is expected to find its first resistance at 42.50, and a rise through could take it to the next resistance level of 43.32.

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

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