For the 24 hours to 23:00 GMT, Crude Oil declined 1.13% against the USD and closed at USD53.15 per barrel yesterday, after the US Energy Information Administration (EIA) reported that US crude inventories advanced more-than-expected by 3.55 million barrels for the week ended 24 January. Meanwhile, jet fuel demand has slumped in Asia as airlines have cancelled flights, on account of worries over the spread of China’s coronavirus.
In the Asian session, at GMT0400, the pair is trading at 52.79, with oil trading 0.68% lower against the USD from yesterday’s close, extending the previous session’s losses.
The pair is expected to find support at 52.19, and a fall through could take it to the next support level of 51.59. The pair is expected to find its first resistance at 53.88, and a rise through could take it to the next resistance level of 54.97.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.