For the 24 hours to 23:00 GMT, Crude Oil declined 0.29% against the USD and closed at USD37.65 per barrel, after the Energy Information Administration (EIA) reported that crude oil inventories rose by 1.2 million barrels to 539.3 million barrels for the week ended 12 June 2020.
In the Asian session, at GMT0300, the pair is trading at 37.33, with oil trading 0.85% lower against the USD from yesterday’s close, amid fears that resurgence in coronavirus cases would lower fuel demand.
The pair is expected to find support at 36.71, and a fall through could take it to the next support level of 36.09. The pair is expected to find its first resistance at 38.35, and a rise through could take it to the next resistance level of 39.37.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
