For the 24 hours to 23:00 GMT, Crude Oil rose 4.69% against the USD and closed at USD37.07 per barrel, amid hopes for an extension of production cuts by major oil producers. Additionally, American Petroleum Institute (API) reported that crude oil inventories fell by 0.5 million barrels to 531.0 for the week ended 29 May 2020.
In the Asian session, at GMT0300, the pair is trading at 37.47, with oil trading 1.08% higher against the USD from yesterday’s close.
The pair is expected to find support at 35.97, and a fall through could take it to the next support level of 34.46. The pair is expected to find its first resistance at 38.43, and a rise through could take it to the next resistance level of 39.38.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
