Crude Oil Movement
Oil prices advanced 2.70% against the USD for the 24 hour period ending 23:00GMT, closing at 88.89.
At GMT 0300, Oil is trading at USD 88.78 per barrel in the Asian session, 0.12% lower from 23:00GMT, with sentiment subdued after the Organisation of Petroleum Exporting Countries (OPEC) projected lower global oil demand this year and in 2012.
Citing poor economic climate, OPEC stated that the oil demand for 2011 was forecast to be 87.99 million barrels per day (bpd), down from a previous forecast of 88.14 million bpd. For 2012, demand was expected to average 89.26 million bpd, down from the August estimate of 89.44 million bpd. The 12-member oil cartel cited weak demand in the United States and the effects of financial strains, particularly among the developed nations, which were dragging down demand in China and India.
The pair has its first resistance at 90.34, followed by the next resistance at 91.91. On the other side, the first support is at 86.10, with the subsequent support at 83.43.
The pair is trading above its 20 Hr and its 50 Hr moving averages.
