Crude Oil: Oil trading reverses its gains in the Asian session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 1.03% against the USD and closed at USD41.02 per barrel, after the Energy Information Administration (EIA) reported that crude oil inventories fell by 7.5 million barrels to 531.7 million barrels for the week ended 10 July 2020.

In the Asian session, at GMT0300, the pair is trading at 40.88, with oil trading 0.34% lower against the USD from yesterday’s close, after the Organisation of the Petroleum Exporting Countries (OPEC) and its allies agreed to ease record production cuts from August.

The pair is expected to find support at 40.22, and a fall through could take it to the next support level of 39.56. The pair is expected to find its first resistance at 41.40, and a rise through could take it to the next resistance level of 41.92.

Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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