For the 24 hours to 23:00 GMT, Crude Oil declined 6.90% against the USD and closed at USD21.58 per barrel, amid slowdown in global demand. Additionally, Baker Hughes reported that US oil rig count dropped by 40 to 624 in the week ended 27 March 2020.
In the Asian session, at GMT0300, the pair is trading at 20.36, with oil trading 5.65% lower against the USD from Friday’s close.
The pair is expected to find support at 19.38, and a fall through could take it to the next support level of 18.41. The pair is expected to find its first resistance at 22.24, and a rise through could take it to the next resistance level of 24.13.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.