For the 24 hours to 23:00 GMT, Crude Oil declined 3.25% against the USD and closed at USD39.59 per barrel, amid fears that lockdown restrictions would be re-implemented due to surging coronavirus cases worldwide.
In the Asian session, at GMT0300, the pair is trading at 39.39, with oil trading 0.51% lower against the USD from yesterday’s close.
The pair is expected to find support at 38.79, and a fall through could take it to the next support level of 38.20. The pair is expected to find its first resistance at 40.46, and a rise through could take it to the next resistance level of 41.54.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.