For the 24 hours to 23:00 GMT, Crude Oil declined 6.37% against the USD and closed at USD29.24 per barrel, as concerns over the coronavirus escalated stoking fears that government lockdowns would spark a recession and reduce global demand for crude oil.
In the Asian session, at GMT0400, the pair is trading at 29.77, with oil trading 1.81% higher against the USD from yesterday’s close.
The pair is expected to find support at 28.12, and a fall through could take it to the next support level of 26.46. The pair is expected to find its first resistance at 31.41, and a rise through could take it to the next resistance level of 33.04.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
