For the 24 hours to 23:00 GMT, Crude Oil declined 1.96% against the USD and closed at USD41.04 per barrel, as rising coronavirus cases and increasing US crude inventories stoked concerns over energy demand.
In the Asian session, at GMT0300, the pair is trading at 41.19, with oil trading 0.37% higher against the USD from yesterday’s close.
The pair is expected to find support at 40.56, and a fall through could take it to the next support level of 39.93. The pair is expected to find its first resistance at 42.09, and a rise through could take it to the next resistance level of 42.99.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
