For the 24 hours to 23:00 GMT, Crude Oil declined 2.71% against the USD and closed at USD51.41 per barrel on Friday, amid worries over the spread of coronavirus and its potential impact on oil demand. Separately, Baker Hughes reported that the US oil rig count fell by 1 to 675 last week.
In the Asian session, at GMT0400, the pair is trading at 51.41, with oil trading flat against the USD from Friday’s close.
The pair is expected to find support at 50.24, and a fall through could take it to the next support level of 49.06. The pair is expected to find its first resistance at 52.94, and a rise through could take it to the next resistance level of 54.46.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
