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Crude Oil: Oil Trading A Tad Lower In The Morning Session

For the 24 hours to 23:00 GMT, Crude Oil rose 2.43% against the USD and closed at USD42.58 per barrel, after the Energy Information Administration (EIA) reported that crude oil inventories fell by 4.5 million barrels for the week ended 07 August 2020.

In the Asian session, at GMT0300, the pair is trading at 42.57, with oil trading slightly lower against the USD from yesterday’s close.

The pair is expected to find support at 41.83, and a fall through could take it to the next support level of 41.08. The pair is expected to find its first resistance at 43.11, and a rise through could take it to the next resistance level of 43.64.

Crude oil is trading above its 20 Hr and 50 Hr moving averages.

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