For 24 hours to 4 p.m. At 23:00 GMT, crude oil rose 1.38% to USD, closing at USD 25.69 per share. The barrel, after the Energy Information Administration (EIA) reported that crude oil stocks fell by 0.7 million barrels to 531.5 million barrels for the week ended May 8, 2020.
In the Asian session at GMT0400, the pair is traded at. 25.45 with oil trading 0.93% lower against the USD from yesterday’s close.
The couple is expected to find support at 1 p.m. 24.68, and a fall through may lead it to the next level of support at 23.90. The pair is expected to find its first resistance of 26.34, and a rise through it can lead to the next resistance level of 27.22.
Crude oil shows convergence with its moving averages of 20 hours and 50 hours.