Crude Oil: Oil trading on a weaker footing this morning

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.60% against the USD and closed at USD41.86 per barrel.

In the Asian session, at GMT0300, the pair is trading at 41.83, with oil trading 0.07% lower against the USD from yesterday’s close, after the Energy Information Administration (EIA) reported that crude oil inventories rose by 4.9 million barrels to 536.6 million barrels for the week ended 17 July 2020.

The pair is expected to find support at 41.30, and a fall through could take it to the next support level of 40.78. The pair is expected to find its first resistance at 42.19, and a rise through could take it to the next resistance level of 42.56.

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

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