Crude Oil Movement
Crude Oil prices declined 1.70% against the USD for the 24 hour period ending 23:00GMT, closing at 86.39, after the European Central Bank lowered its euro-area growth forecasts and US lawmakers struggled to reach an agreement on a budget plan.
Speaking at the ECB’s post-policy meeting press conference, Mario Draghi stated that risks to the outlook remain weighted to the downside. The downbeat growth outlook prompted investors to shun riskier assets, such as commodities and flock to traditional safe haven greenback.
In the Asian session, at GMT0400, Crude Oil is trading at 86.51, 0.14% higher from yesterday’s close.
Crude Oil is expected to find support at 85.38, and a fall through could take it to the next support level of 84.26. Crude Oil is expected to find its first resistance at 87.93, and a rise through could take it to the next resistance level of 89.36.
Crude Oil is trading below its 20 Hr and 50 Hr moving averages.
