Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.34% against the USD and closed at USD37.76 per barrel, after International Energy Agency forecasted global oil demand to rise next year.
In the Asian session, at GMT0400, the pair is trading at 37.5, with oil trading 0.69% lower against the USD from yesterday’s close, after the American Petroleum Institute (API) reported that crude oil inventories rose by 3.9 million barrels to 543.2 million barrels for the week ended 12 June 2020.
The pair is expected to find support at 36.44, and a fall through could take it to the next support level of 35.38. The pair is expected to find its first resistance at 38.81, and a rise through could take it to the next resistance level of 40.12.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
