On the technical side, a close below $9 a barrel would take prices further lower to $3 or even to negative territory. On the higher side, prices need to stabilise above $33 to negate the broad bearish outlook.
The spread of the deadly virus in China and the clampdown in travel may weigh on fuel demand.
As per EIA, global natural gas production was at record level during 2018. Production has been rising since the economic crisis in 2019 with an annual growth rate of 2.8 percent
Waning global economic outlook amid increased trade and currency war tensions and elevating geopolitical worries continued to boost gold’s safe haven demand.