Crude Oil: Oil extends its gains in the Asian session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 3.25% against the USD and closed at USD51.20 per barrel, amid unconfirmed reports that effective treatment for coronavirus has been found and decline in both US gasoline and distillate stockpiles. Separately, the US Energy Information Administration (EIA) reported that crude oil inventories rose by 3.4mn bls in the week ended 31 January 2020.

In the Asian session, at GMT0400, the pair is trading at 51.86, with oil trading 1.29% higher against the USD from yesterday’s close.

The pair is expected to find support at 50.32, and a fall through could take it to the next support level of 48.78. The pair is expected to find its first resistance at 52.80, and a rise through could take it to the next resistance level of 53.74.

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

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