For the 24 hours to 23:00 GMT, Crude Oil declined 8.96% against the USD and closed at USD20.84 per barrel, on the back of lower oil demand. Additionally, the American Petroleum Institute (API) reported that crude oil inventories rose by 13.1 million barrels in the week ended 10 April 2020.
In the Asian session, at GMT0300, the pair is trading at 20.55, with oil trading 1.39% lower against the USD from yesterday’s close.
The pair is expected to find support at 19.40, and a fall through could take it to the next support level of 18.25. The pair is expected to find its first resistance at 22.25, and a rise through could take it to the next resistance level of 23.95.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
