Crude Oil: Oil trading lower after US crude inventories rose more than expected

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 18.61% against the USD and closed at USD25.30 per barrel, on expectations that demand for oil would pick up, as some European and Asian countries as well as some of the US states began to ease coronavirus induced lockdown restrictions.

In the Asian session, at GMT0300, the pair is trading at 24.70, with oil trading 2.37% lower against the USD from yesterday’s close, after the American Petroleum Institute (API) reported that crude oil inventories rose by 8.4 million barrels to 518.6 million barrels for the week ended 1 May 2020.

The pair is expected to find support at 22.16, and a fall through could take it to the next support level of 19.62. The pair is expected to find its first resistance at 26.66, and a rise through could take it to the next resistance level of 28.62.

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

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