Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 5.2% against the USD and closed at USD37.89 per barrel, as concerns over rising coronavirus cases raised worries over energy demand. Additionally, the Energy Information Administration (EIA) reported that crude oil inventories rose by 1.4 million barrels to 540.7 million barrels for the week ended 19 June 2020.
In the Asian session, at GMT0300, the pair is trading at 37.75, with oil trading 0.37% lower against the USD from yesterday’s close.
The pair is expected to find support at 36.53, and a fall through could take it to the next support level of 35.30. The pair is expected to find its first resistance at 39.76, and a rise through could take it to the next resistance level of 41.76.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
