Crude Oil Movement
Oil prices declined 3.92% against the USD for the 24 hour period ending 23:00GMT, closing at 87.95, amid speculation that demand for oil might fall following concerns over Euro-zone debt crisis and slowing Chinese economy.
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 88.11, 0.18% higher from yesterday’s close.
Crude oil is expected to find support at 86.90, and a fall through could take it to the next support level of 85.69. Crude oil is expected to find its first resistance at 90.18, and a rise through could take it to the next resistance level of 92.25.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
