Crude Oil Movement
Oil prices declined 2.71% against the USD for the 24 hour period ending 23:00GMT, closing at 78.29.
In the Asian session, at GMT0300, Crude Oil is trading at 79.28, 1.26% higher from yesterday’s close, after European leaders agreed on steps to tackle the region’s debt crisis in a move that could lift the global economy and fuel demand, while supply disruptions also aided oil prices.
Crude oil is expected to find support at 77.43, and a fall through could take it to the next support level of 75.57. Crude oil is expected to find its first resistance at 80.99, and a rise through could take it to the next resistance level of 82.69.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
