Crude Oil Movement
Oil prices declined 0.87% against the USD, on Friday, for the 24 hour period ending 23:00GMT, closing at 102.85, as slowdown in Chinese economic growth raised concerns about oil demand. Additionally, a stronger US Dollar and a jump in the cost of insuring Spanish debt against default to a record high on Friday renewed worries about the Euro-zone debt crisis, pressuring oil prices further.
In the Asian session, at GMT0300, Crude Oil is trading at 102.18, 0.65% lower from Friday’s close.
Crude oil is expected to find support at 101.63, and a fall through could take it to the next support level of 101.07. Crude oil is expected to find its first resistance at 103.19, and a rise through could take it to the next resistance level of 104.19.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
