Crude Oil Movement
Oil prices advanced 3.73% against the USD, on Friday, for the 24 hour period ending 23:00GMT, closing at 87.27, on optimism that European leaders would soon agree on ways to address the eurozone debt crisis. Additionally, strong US retails sales data further boosted the gains.
In the Asian session, at GMT0300, Crude Oil is trading at 87.17, 0.11% lower from Friday’s close.
Crude oil is expected to find support at 84.92, and a fall through could take it to the next support level of 82.68. Crude oil is expected to find its first resistance at 88.56, and a rise through could take it to the next resistance level of 89.96.
Crude Oil is trading above its 20 Hr and 50 Hr moving averages.
