For the 24 hours to 23:00 GMT, Crude Oil declined 1.79% against the USD and closed at USD39.54 per barrel, amid fears that major oil producers including Russia are expected to ease their production cuts to 7.7 million barrels per day (bpd) after a recovery in global oil demand.
In the Asian session, at GMT0300, the pair is trading at 39.16, with oil trading 0.96% lower against the USD from yesterday’s close, amid worries over fuel demand.
The pair is expected to find support at 38.61, and a fall through could take it to the next support level of 38.05. The pair is expected to find its first resistance at 40.22, and a rise through could take it to the next resistance level of 41.27.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
