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19:11 IST

WTI Crude futures are currently trading at $52.64-lower by 2.71% as compared to the previous closing price. The contract posted a loss of 7.90% in the last week.

Brent crude futures were trading at $58.18-lower by 2.74% as compared to the previous closing price. The contract declined by about 8.15% in the last week.

Oil prices fell to multi-month low on the first day of the week after concern of lower demand from china due to spread of coronavirus that has cause city lockdown.

Chinese officials said in a press report on Sunday that coronavirus are increasing and have affected more than 2700 people and has caused 80 deaths till now. The Chinese officials also said that spread is getting stronger which raised uncertainty around the Chinese economy and initiated a sharp decline in oil prices.

Saudi Arabia’s Energy Minister Prince Abdul-Aziz bin Salman said in press report that market are primarily driven by psychological factors. The outbreak of corona virus has very minimal impact on oil demand.

The Former Deputy CEO of ADNOC Dristribution said that he expects oils will remain down for few months as they fell and remained down after the SARS virus.

On the data front, the crude oil inventory for the previous week release on 23 January fell by -0.405 million. The loss of in crude oil inventory was below market expectation of -1.009 million.

On the technical front, the market is trading below 5, 20 and 50-days moving averages. The market is trading near the lower band of the Bollinger band. The RSI suggest that market is expected to trade in sideways. The 20-days MA has crossed 50-day MA which indicates strong bearishness in the market.

Overall Bias is Negative and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.

Trade Suggestion – Limit Sell @ 52.60, Stoploss @ 53.00, Target @ 51.80

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