For the 24 hours to 23:00 GMT, Crude Oil declined 2.79% against the USD and closed at USD33.42 per barrel, after the World Health Organisation declared the global coronavirus outbreak a pandemic and as Saudi Arabia and the United Arab Emirates announced plans to boost production capacity. Additionally, the US Energy Information Administration (EIA) reported that crude oil inventories rose by 7.7mn bls in the week ended 06 March 2020.
In the Asian session, at GMT0400, the pair is trading at 31.35, with oil trading 6.19% lower against the USD from yesterday’s close.
The pair is expected to find support at 29.53, and a fall through could take it to the next support level of 27.70. The pair is expected to find its first resistance at 34.33, and a rise through could take it to the next resistance level of 37.30.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.