Crude Oil Movement
Oil prices advanced 2.27% against the USD for the 24 hour period ending 23:00GMT, closing at 84.41, after Organization of Petroleum Exporting Countries (OPEC) agreed to keep its collective oil output ceiling unchanged for the second half 2012 at 30 million barrels per day, a move hinting a supply cut of 1.6 million bpd.
In the Asian session, at GMT0300, Crude Oil is trading at 84.61, 0.24% higher from yesterday’s close.
Crude oil is expected to find support at 83.06, and a fall through could take it to the next support level of 81.5. Crude oil is expected to find its first resistance at 85.43, and a rise through could take it to the next resistance level of 86.24.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
