Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 3.26% against the USD and closed at USD20.16 per barrel, amid rise in weekly US oil inventories and after the International Energy Agency forecasted oil demand would fall 29 million barrels a day in April. The Energy Information Administration (EIA) reported that crude oil inventories jumped by 19.3 million barrels last week, marking its 12th consecutive weekly rise.
In the Asian session, at GMT0300, the pair is trading at 20.36, with oil trading 0.99% higher against the USD from yesterday’s close.
The pair is expected to find support at 19.50, and a fall through could take it to the next support level of 18.63. The pair is expected to find its first resistance at 20.93, and a rise through could take it to the next resistance level of 21.49.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
