Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 7.57% against the USD and closed at USD31.39 per barrel, after Russia announced that it was planning to ease production cuts from July and amid growing tensions between the US and China. Additionally, the American Petroleum Institute (API) reported that crude oil inventories rose by 8.7 million barrels for the week ended 22 May 2020.
In the Asian session, at GMT0300, the pair is trading at 31.77, with oil trading 1.21% higher against the USD from yesterday’s close.
The pair is expected to find support at 30.50, and a fall through could take it to the next support level of 29.23. The pair is expected to find its first resistance at 33.68, and a rise through could take it to the next resistance level of 35.59.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
