Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.61% against the USD and closed at USD39.97 per barrel, as surge in coronavirus cases and uncertainty over the US-China trade deal stoked concerns over fuel demand. Additionally, the American Petroleum Institute (API) reported that crude oil inventories rose by 1.7 million barrels to 545.0 million barrels for the week ended 19 June 2020.
In the Asian session, at GMT0300, the pair is trading at 40.05, with oil trading 0.20% higher against the USD from yesterday’s close.
The pair is expected to find support at 39.40, and a fall through could take it to the next support level of 38.74. The pair is expected to find its first resistance at 41.17, and a rise through could take it to the next resistance level of 42.28.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
