Crude Oil prices advanced 1.19% against the USD for the 24 hour period ending 23:00GMT, closing at 85.79, as worries about unrest in the Middle East, a key source of crude oil for the world, were revived after a suicide bomb attack in Syria on Monday.
In the Asian session, at GMT0400, Crude Oil is trading at 85.57, 0.26% lower from yesterday’s close, amid uncertainty ahead of the US elections and renewed worries about Greece and the Euro-zone crisis, which could delay global economic recovery and hurt oil demand. Meanwhile, investors await the release of oil inventory data scheduled to be released later today and tomorrow, to offer further guidance to oil prices.
Crude Oil is expected to find support at 84.65, and a fall through could take it to the next support level of 83.72. Crude oil is expected to find its first resistance at 86.20, and a rise through could take it to the next resistance level of 86.82.
Crude Oil is trading just above its 20 Hr and 50 Hr moving averages.