Crude Oil: Oil trading lower, ahead of EIA’s weekly crude oil stockpiles data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 1.53% against the USD and closed at USD41.08 per barrel, amid concerns over increasing coronavirus cases around the world.

In the Asian session, at GMT0300, the pair is trading at 41.03, with oil trading 0.12% lower against the USD from yesterday’s close. The American Petroleum Institute (API) reported that crude oil inventories fell by 6.8 million barrels for the week ended 24 July 2020.

The pair is expected to find support at 40.67, and a fall through could take it to the next support level of 40.32. The pair is expected to find its first resistance at 41.56, and a rise through could take it to the next resistance level of 42.10.

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

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