Oil Prices Remain Weak Amid New Virus Concerns

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Crude oil prices are down over three percent on Monday.

The declines come as oil traders turned skeptical following news of a new coronavirus strain.

It was discovered in the UK, followed by Australia among other countries. This new development brings back the uncertainty in the oil markets.

Crude oil prices were due for a correction anyway. So the current decline falls in line with the general technical view.

For the moment, the price level near 47.17 remains to hold the declines.

However, prices need to steer clear of this level to continue the upside momentum.

A strong close below 47.17 could open the way for price action to retest the 45.26 level of support next.

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