Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.78% against the USD and closed at USD20.26 per barrel, after the US President, Donald Trump and Russian President, Vladimir Putin agreed to hold talks to stabilise energy markets. Additionally, the American Petroleum Institute (API) reported that crude oil inventories jumped by 10.5 million barrels last week.
In the Asian session, at GMT0300, the pair is trading at 20.54, with oil trading 1.38% higher against the USD from yesterday’s close.
The pair is expected to find support at 19.74, and a fall through could take it to the next support level of 18.93. The pair is expected to find its first resistance at 21.62, and a rise through could take it to the next resistance level of 22.69.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
