For the 24 hours to 23:00 GMT, Crude Oil declined 6.05% against the USD and closed at USD23.77 per barrel, amid concerns over crude oil supply glut and following a rise in US inventories. The Energy Information Administration (EIA) reported that crude oil inventories rose by 4.6 million barrels to 532.2 million barrels for the week ended 01 May 2020.
In the Asian session, at GMT0300, the pair is trading at 24.18, with oil trading 1.72% higher against the USD from yesterday’s close.
The pair is expected to find support at 22.65, and a fall through could take it to the next support level of 21.11. The pair is expected to find its first resistance at 25.65, and a rise through could take it to the next resistance level of 27.11.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
