For the 24 hours to 23:00 GMT, Crude Oil rose 1.29% against the USD and closed at USD40.92 per barrel, amid rise in US crude imports and signs of recovery in gasoline consumption in the US. Meanwhile, the Energy Information Administration (EIA) reported that crude oil inventories rose by 5.7 million barrels for the week ended 03 July 2020.
In the Asian session, at GMT0300, the pair is trading at 40.81, with oil trading 0.27% lower against the USD from yesterday’s close.
The pair is expected to find support at 40.40, and a fall through could take it to the next support level of 39.99. The pair is expected to find its first resistance at 41.15, and a rise through could take it to the next resistance level of 41.49.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.