Crude Oil Movement
On Friday, Crude Oil prices declined 2.1% against the USD for the 24 hour period ending 23:00GMT, closing at 90.14, as investors avoided the commodity after industry data revealed that existing homes sales declined in the US last month. Weak corporate earnings also pushed oil prices down, further stoking market worries that a lackluster US economy will need less fuels and energy to operate.
In the Asian session, at GMT0300, Crude Oil is trading at 90.24, 0.11% higher from Friday’s close.
Crude oil is expected to find support at 88.81, and a fall through could take it to the next support level of 87.37. Crude oil is expected to find its first resistance at 92.36, and a rise through could take it to the next resistance level of 94.47.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
