For the 24 hours to 23:00 GMT, Crude Oil rose 6.25% against the USD and closed at USD26.18 per barrel, amid hopes of production cut by Saudi Arabia and Russia. Additionally, the Energy Information Administration (EIA) reported that crude oil production fell by 600,000 barrels to 12.4 million barrels in the week ended 3 April 2020. However, crude oil inventories rose by 15.2 million barrels last week.
In the Asian session, at GMT0300, the pair is trading at 25.78, with oil trading 1.53% lower against the USD from yesterday’s close.
The pair is expected to find support at 24.14, and a fall through could take it to the next support level of 22.51. The pair is expected to find its first resistance at 27.01, and a rise through could take it to the next resistance level of 28.25.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
