For the 24 hours to 23:00 GMT, Crude Oil declined 7.78% against the USD and closed at USD24.64 per barrel, on oversupply concerns. Additionally, the American Petroleum Institute (API) reported that crude oil inventories rose by 11.9 million barrels in the week ended 3 April 2020.
In the Asian session, at GMT0300, the pair is trading at 24.89, with oil trading 1.01% higher against the USD from yesterday’s close, on hopes of production cuts by Saudi Arabia and Russia.
The pair is expected to find support at 23.21, and a fall through could take it to the next support level of 21.52. The pair is expected to find its first resistance at 26.91, and a rise through could take it to the next resistance level of 28.92.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
