Crude Oil: Oil trading on a stronger footing this morning

Crude Oil: Oil trading on a stronger footing this morning

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 5.83% against the USD and closed at USD33.59 per barrel, after the Energy Information Administration (EIA) reported that crude oil inventories dropped by 5.0 million barrels to 526.5 million barrels for the week ended 15 May 2020.

In the Asian session, at GMT0300, the pair is trading at 33.66, with oil trading 0.21% higher against the USD from yesterday’s close.

The pair is expected to find support at 32.26, and a fall through could take it to the next support level of 30.86. The pair is expected to find its first resistance at 34.42, and a rise through could take it to the next resistance level of 35.18.

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

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