For the 24 hours to 23:00 GMT, Crude Oil rose 7.23% against the USD and closed at USD33.66 per barrel, amid rising demand for US gasoline.
Separately, the Energy Information Administration (EIA) reported that crude oil inventories rose by 7.9 million barrels to 534.4 million barrels for the week ended 22 May 2020.
In the Asian session, at GMT0300, the pair is trading at 33.34, with oil trading 0.95% lower against the USD from yesterday’s close.
The pair is expected to find support at 31.69, and a fall through could take it to the next support level of 30.04. The pair is expected to find its first resistance at 34.60, and a rise through could take it to the next resistance level of 35.86.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.