Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 7.59% against the USD and closed at USD27.64 per barrel, after the International Energy Agency predicted that crude inventories will shrink by about 5.5 million barrels per day in the second half of 2020.
In the Asian session, at GMT0300, the pair is trading at 27.55, with oil trading 0.33% lower against the USD from yesterday’s close.
The pair is expected to find support at 25.86, and a fall through could take it to the next support level of 24.17. The pair is expected to find its first resistance at 28.60, and a rise through could take it to the next resistance level of 29.65.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
