Crude oil market under a defensive tone

After reaching the 49$ handle last week on a positive note, the oil market bulls have encountered some pitfalls close to Christmas; investors' attention has moved towards inventory unexpected buildup and virus concern rising on the European zone.

Today recording the 3rd red session and finally breaking the ascending trendline, the price has found support at the 46$ handle. With MACD under bearish bias and classic negative correlation with the USD, which is on a positive note, the energy market outlook is not encouraging.

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