For the 24 hours to 23:00 GMT, Crude Oil declined 0.78% against the USD and closed at USD38.15 per barrel, after the American Petroleum Institute (API) reported that crude oil inventories jumped by 8.4 million barrels to 539.4 million barrels for the week ended 05 June 2020.
In the Asian session, at GMT0400, the pair is trading at 38.24, with oil trading 0.24% higher against the USD from yesterday’s close.
The pair is expected to find support at 37.1733, and a fall through could take it to the next support level of 36.1067. The pair is expected to find its first resistance at 39.2033, and a rise through could take it to the next resistance level of 40.1667.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
