Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 6.08% against the USD and closed at USD14.30 per barrel, amid rising geopolitical tensions between the US and Iran. Additionally, the Energy Information Administration (EIA) reported that crude oil inventories climbed by 15.0 million barrels to 518.6 million barrels for the week ended 17 April 2020.
In the Asian session, at GMT0300, the pair is trading at 14.04, with oil trading 1.82% lower against the USD from yesterday’s close.
The pair is expected to find support at 10.81, and a fall through could take it to the next support level of 7.57. The pair is expected to find its first resistance at 16.73, and a rise through could take it to the next resistance level of 19.41.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
