For the 24 hours to 23:00 GMT, Crude Oil declined 1.19% against the USD and closed at USD19.92 per barrel, after the Organisation of the Petroleum Exporting Countries (OPEC) lowered its forecast for global oil demand by 6.9 million barrels per day (bpd) in 2020, due to the coronavirus outbreak.
In the Asian session, at GMT0300, the pair is trading at 19.66, with oil trading 1.31% lower against the USD from yesterday’s close.
The pair is expected to find support at 19.23, and a fall through could take it to the next support level of 18.79. The pair is expected to find its first resistance at 20.29, and a rise through could take it to the next resistance level of 20.91.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
