For the 24 hours to 23:00 GMT, Crude Oil rose 1.42% against the USD and closed at USD38.69 per barrel, despite rise in crude inventories. The US Energy Information Administration (EIA) reported that crude oil inventories rose by 5.7 million barrels to 538.1 million barrels for the week ended 5 June 2020.
In the Asian session, at GMT0300, the pair is trading at 38.49, with oil trading 0.52% lower against the USD from yesterday’s close, amid rising concerns over demand recovery.
The pair is expected to find support at 37.51, and a fall through could take it to the next support level of 36.53. The pair is expected to find its first resistance at 39.69, and a rise through could take it to the next resistance level of 40.89.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
