Crude Oil: Oil trading lower in the morning session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 1.54% against the USD and closed at USD 24.26 per barrel, amid optimism surrounding the USD2.00tn economic stimulus package in the US to contain the impact of the coronavirus outbreak. Separately, the Energy Information Administration (EIA) reported that crude oil inventories declined by 2.10 million barrels last week.

In the Asian session, at GMT0400, the pair is trading at 24.19, with oil trading 0.29% lower against the USD from yesterday’s close.

The pair is expected to find support at 23.04, and a fall through could take it to the next support level of 21.90. The pair is expected to find its first resistance at 25.20, and a rise through could take it to the next resistance level of 26.22.

Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.

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