For the 24 hours to 23:00 GMT, Crude Oil declined 2.81% against the USD and closed at USD38.45 per barrel, after Saudi Arabia, the United Arab Emirates and Kuwait disagreed to include additional voluntary reductions of 1.18 million barrels in July.
In the Asian session, at GMT0300, the pair is trading at 38.57, with oil trading 0.31% higher against the USD from yesterday’s close, amid hopes that easing of lockdowns would boost oil demand.
The pair is expected to find support at 37.60, and a fall through could take it to the next support level of 36.64. The pair is expected to find its first resistance at 39.89, and a rise through could take it to the next resistance level of 41.22.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
