Crude Oil: Oil trading lower in the morning session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 2.83% against the USD and closed at USD48.71 per barrel, as reports of a rise coronavirus cases in Europe and the Middle East fuelled worries about energy demand. Additionally, the US Energy Information Administration (EIA) reported that crude oil inventories rose by 0.5 million barrels in the week ended 21 February 2020.

In the Asian session, at GMT0400, the pair is trading at 48.08, with oil trading 1.29% lower against the USD from yesterday’s close.

The pair is expected to find support at 47.13, and a fall through could take it to the next support level of 46.19. The pair is expected to find its first resistance at 49.73, and a rise through could take it to the next resistance level of 51.39.

Crude oil is trading below its 20 Hr and 50 Hr moving averages.

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