Crude Oil Movement
Oil prices declined 1.42% against the USD for the 24 hour period ending 23:00GMT, closing at 86.28, after Germany’s finance minister stated that an upcoming European Union summit would not produce a definitive resolution to the eurozone debt crisis.
In the Asian session, at GMT0300, Crude Oil is trading at 86.07, 0.24% lower from yesterday’s close.
Crude oil is expected to find support at 85.24, and a fall through could take it to the next support level of 84.41. Crude oil is expected to find its first resistance at 87.54, and a rise through could take it to the next resistance level of 89.01.
Crude Oil is trading just below its 20 Hr and 50 Hr moving averages.
