Crude Oil: Crude Oil was pressured as investors fretted over the US fiscal cliff resolution


Crude Oil

Crude Oil Movement

On Friday, Crude Oil prices declined 1.29% against the USD for the 24 hour period ending 24:00GMT, closing at 88.89, as uncertainty over the ability of the US to resolve a budget crisis before a year-end deadline stoked investor concerns about demand growth in the world’s top oil user.

In the Asian session, at GMT0400, Crude Oil is trading at 88.52, 0.42% lower from Friday’s close.

Crude Oil is expected to find support at 87.84, and a fall through could take it to the next support level of 87.15. Crude Oil is expected to find its first resistance at 89.33, and a rise through could take it to the next resistance level of 90.13.

Crude Oil is trading below its 20 Hr and 50 Hr moving averages.

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