Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.23% against the USD and closed at USD39.60 per barrel. The Energy Information Administration (EIA) reported that crude oil inventories fell by 7.2 million barrels for the week ended 26 June 2020.
In the Asian session, at GMT0300, the pair is trading at 39.79, with oil trading 0.48% higher against the USD from yesterday’s close.
The pair is expected to find support at 39.03, and a fall through could take it to the next support level of 38.28. The pair is expected to find its first resistance at 40.56, and a rise through could take it to the next resistance level of 41.34.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
