For the 24 hours to 23:00 GMT, Crude Oil rose 0.16% against the USD and closed at USD42.75 per barrel, after the Energy Information Administration (EIA) reported that crude oil inventories fell by 1.6 million barrels to 512.5 million barrels for the week ended 14 August 2020.
In the Asian session, at GMT0300, the pair is trading at 42.49, with oil trading 0.61% lower against the USD from yesterday’s close, on demand concerns.
The pair is expected to find support at 42.22, and a fall through could take it to the next support level of 41.96. The pair is expected to find its first resistance at 42.89, and a rise through could take it to the next resistance level of 43.30.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.