Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 5.05% against the USD and closed at USD46.25 per barrel, as rise in the coronavirus cases outside China stoked fears that the fast spreading outbreak could slow down the global economy.
In the Asian session, at GMT0400, the pair is trading at 45.89, with oil trading 0.78% lower against the USD from yesterday’s close.
The pair is expected to find support at 44.93, and a fall through could take it to the next support level of 43.96. The pair is expected to find its first resistance at 47.62, and a rise through could take it to the next resistance level of 49.34.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
