Crude Oil Movement
Oil prices declined 3.07% against the USD for the 24 hour period ending 23:00GMT, closing at 98.61, on future demand worries, after weak Spanish and French government debt auctions underlined concerns that Europe’s debt crisis was worsening.
In the Asian session, at GMT0400, Crude Oil is trading at 98.70, 0.09% higher from yesterday’s close.
Crude oil is expected to find support at 96.68, and a fall through could take it to the next support level of 94.67. Crude oil is expected to find its first resistance at 102.04, and a rise through could take it to the next resistance level of 105.39.
The pair is trading below its 20 Hr and 50 Hr moving averages.
