Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 16.11% against the USD and closed at USD21.33 per barrel, following voluntary production cuts by major oil producers and amid ease in coronavirus lockdowns across some countries.
In the Asian session, at GMT0300, the pair is trading at 21.84, with oil trading 2.39% higher against the USD from yesterday’s close, amid hopes that demand for oil would begin to pick up as many nations started to ease lockdown restrictions.
The pair is expected to find support at 19.24, and a fall through could take it to the next support level of 16.64. The pair is expected to find its first resistance at 23.25, and a rise through could take it to the next resistance level of 24.66.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
