For the 24 hours to 23:00 GMT, Crude Oil declined 2.64% against the USD and closed at USD45.03 per barrel on Friday, amid persistent fears that the spread of coronavirus could affect energy demand. Separately, Baker Hughes reported that the US oil rig count fell by 1 to 678 last week.
In the Asian session, at GMT0400, the pair is trading at 46.22, with oil trading 2.64% higher against the USD from Friday’s close, amid hopes that the Organisation of the Petroleum Exporting Countries (OPEC) and its allies would deepen oil supply cuts.
The pair is expected to find support at 44.57, and a fall through could take it to the next support level of 42.93. The pair is expected to find its first resistance at 47.14, and a rise through could take it to the next resistance level of 48.07.
Crude oil is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.