For the 24 hours to 23:00 GMT, Crude Oil rose 2.93% against the USD and closed at USD51.59 per barrel, amid hopes of rise in demand from China after reports indicated a decline in new coronavirus cases in China. Separately, the US Energy Information Administration (EIA) reported that crude oil inventories rose by 7.5mn bls in the week ended 07 February 2020.
In the Asian session, at GMT0400, the pair is trading at 51.32, with oil trading 0.52% lower against the USD from yesterday’s close.
The pair is expected to find support at 50.53, and a fall through could take it to the next support level of 49.75. The pair is expected to find its first resistance at 52.03, and a rise through could take it to the next resistance level of 52.75.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.