Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 7.78% against the USD and closed at USD35.68 per barrel, as fears of resurgence in coronavirus cases stoked worries about demand for oil.
In the Asian session, at GMT0400, the pair is trading at 35.58, with oil trading 0.28% lower against the USD from yesterday’s close.
The pair is expected to find support at 35.57, and a fall through could take it to the next support level of 35.56. The pair is expected to find its first resistance at 37.75, and a rise through could take it to the next resistance level of 39.92.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
