For the 24 hours to 23:00 GMT, Crude Oil rose 2.68% against the USD and closed at USD40.60 per barrel, after the American Petroleum Institute (API) reported that crude oil inventories fell by 8.3 million barrels for the week ended 10 July 2020.
In the Asian session, at GMT0300, the pair is trading at 40.52, with oil trading 0.20% lower against the USD from yesterday’s close.
The pair is expected to find support at 39.44, and a fall through could take it to the next support level of 38.36. The pair is expected to find its first resistance at 41.23, and a rise through could take it to the next resistance level of 41.94.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
