For the 24 hours to 23:00 GMT, Crude Oil declined 0.96% against the USD and closed at USD51.47 per barrel, as a sharp rise in the number of coronavirus cases outside China stoked worries about crude demand.
In the Asian session, at GMT0400, the pair is trading at 51.54, with oil trading 0.14% higher against the USD from yesterday’s close.
The pair is expected to find support at 50.56, and a fall through could take it to the next support level of 49.59. The pair is expected to find its first resistance at 52.40, and a rise through could take it to the next resistance level of 53.27.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
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