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

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.84% against the USD and closed at USD40.77 per barrel, as positive readings on manufacturing activity offset concerns over growing coronavirus cases.

In the Asian session, at GMT0300, the pair is trading at 40.73, with oil trading 0.10% lower against the USD from yesterday’s close, amid worries about recovery in crude demand due to rising COVID-19 infections.

The pair is expected to find support at 39.79, and a fall through could take it to the next support level of 38.86. The pair is expected to find its first resistance at 41.45, and a rise through could take it to the next resistance level of 42.18.

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

This entry was posted in Crude Oil. Bookmark the permalink.

Comments are closed.