For the 24 hours to 23:00 GMT, Crude Oil declined 15.34% against the USD and closed at USD22.69 per barrel, after countries all over the world accelerated lockdowns to curb the coronavirus pandemic. Moreover, the US Energy Information Administration (EIA) reported that crude oil inventories rose by 1.9mn bls to 453.7 million in the week ended 13 March 2020.
In the Asian session, at GMT0400, the pair is trading at 21.74, with oil trading 4.19% lower against the USD from yesterday’s close.
The pair is expected to find support at 18.81, and a fall through could take it to the next support level of 15.87. The pair is expected to find its first resistance at 25.93, and a rise through could take it to the next resistance level of 30.11.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.