For the 24 hours to 23:00 GMT, Crude Oil declined 2.50% against the USD and closed at USD46.09 per barrel, amid heightened worries over the fast-spreading coronavirus and ahead of a final decision by the Organisation of the Petroleum Exporting Countries and its allies regarding extension to production cuts.
In the Asian session, at GMT0400, the pair is trading at 45.44, with oil trading 1.41% lower against the USD from yesterday’s close.
The pair is expected to find support at 44.68, and a fall through could take it to the next support level of 43.92. The pair is expected to find its first resistance at 46.87, and a rise through could take it to the next resistance level of 48.3.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
