For the 24 hours to 23:00 GMT, Crude Oil declined 268.50% against the USD and closed at USD13.48 per barrel, after the American Petroleum Institute (API) reported that crude oil inventories rose by 13.2 million barrels in the week ended 17 April 2020.
In the Asian session, at GMT0300, the pair is trading at 12.54, with oil trading 6.97% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.96, and a fall through could take it to the next support level of -8.62. The pair is expected to find its first resistance at 22.32, and a rise through could take it to the next resistance level of 32.10.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
