Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.43% against the USD and closed at USD53.41 per barrel on Friday, amid a dispute between Saudi Arabia and Russia over the impact of China’s coronavirus outbreak on the global energy demand. Moreover, Baker Hughes reported that the US oil rig count rose by 1 to 679 last week.
In the Asian session, at GMT0400, the pair is trading at 52.09, with oil trading 2.47% lower against the USD from Friday’s close, as the coronavirus has spread in several countries outside China, raising demand concerns for the commodity.
The pair is expected to find support at 51.34, and a fall through could take it to the next support level of 50.59. The pair is expected to find its first resistance at 53.24, and a rise through could take it to the next resistance level of 54.39.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
