Crude Oil Movement
Oil prices declined 2.04% against the USD for the 24 hour period ending 23:00GMT, closing at 83.11, amid fears that rising yields on Spanish and Italian bond would crimp fuel demand.
Investors await the oil inventory reports later today and tomorrow to offer guidance to oil prices.
In the Asian session, at GMT0300, Crude Oil is trading at 83.20, 0.11% higher from yesterday’s close.
Crude oil is expected to find support at 81.83, and a fall through could take it to the next support level of 80.47. Crude oil is expected to find its first resistance at 84.78, and a rise through could take it to the next resistance level of 86.37.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
