For the 24 hours to 23:00 GMT, Crude Oil rose 4.58% against the USD and closed at USD39.70 per barrel, amid slight recovery in energy demand.
In the Asian session, at GMT0300, the pair is trading at 39.49, with oil trading 0.53% lower against the USD from yesterday’s close.
The pair is expected to find support at 38.03, and a fall through could take it to the next support level of 36.57. The pair is expected to find its first resistance at 40.42, and a rise through could take it to the next resistance level of 41.35.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.