Crude Oil Movement
Crude Oil prices declined 0.44% against the USD for the 24 hour period ending 23:00GMT, closing at 86.01.
In the Asian session, at GMT0400, Crude Oil is trading at 86.19, 0.21% higher from Friday’s close, as positive industrial and retail sales data from China over the weekend renewed hopes of a growth in oil demand.
Over the weekend, China reported that its industrial output jumped 10.1% in November, an eight-month high, while industrial exports surged to a 10-month high.
Crude oil is expected to find support at 85.67, and a fall through could take it to the next support level of 85.15. Crude oil is expected to find its first resistance at 86.81, and a rise through could take it to the next resistance level of 87.43.
Crude Oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
