Crude Oil: Oil trading lower ahead of API’s weekly crude inventories data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 6.99% against the USD and closed at USD24.34 per barrel, after the US Federal Reserve announced a massive stimulus package to contain the spread of coronavirus outbreak.

In the Asian session, at GMT0400, the pair is trading at 24.16, with oil trading 0.74% lower against the USD from yesterday’s close.

The pair is expected to find support at 22.37, and a fall through could take it to the next support level of 20.58. The pair is expected to find its first resistance at 25.37, and a rise through could take it to the next resistance level of 26.58.

Crude oil is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.

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