Crude oil Movement
Oil prices advanced 2.80% against the USD for the 24 hour period ending 23:00GMT, closing at 85.49, after the German and French leaders jointly pledged, over the weekend, to take concrete measures to contain the sovereign-debt crisis in Europe.
Oil prices were further bolstered on signs that crude exports from Kuwait and Nigeria may be disrupted following a strike by customs employees in both the countries.
Investors await the oil inventory reports from American Petroleum Institute scheduled to be released later today.
In the Asian session, at GMT0300, Crude oil is trading at 85.21, 0.33% lower from the New York close.
Crude oil is expected to find support at 83.66, and a fall through could take it to the next support level of 82.12. Crude oil is expected to find its first resistance at 86.42, and a rise through could take it to the next resistance level of 87.64.
The pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
