Crude Oil Movement
Oil prices declined 1.98% against the USD on Friday for the 24 hour period ending 23:00GMT, closing at 100.58, after a massive earthquake and tsunami devastated northeastern Japan and threatened to send the world’s third-largest economy into recession.
At GMT 0400, Oil is trading at USD 99.65 per barrel in the Asian session, 0.92% lower from 23:00GMT.
The pair has its first resistance at 101.76, followed by the next resistance at 103.86. On the other side, the first support is at 98.59, with the subsequent support at 97.52.
The pair is trading just below its 20 Hr moving average and 50 Hr moving average.
