Crude Oil Movement
Crude Oil prices declined 1.14% against the USD for the 24 hour period ending 23:00GMT, closing at 86.01.
Investors await the release of oil inventory data scheduled to be released later today and tomorrow, to offer further guidance to oil prices.
In the Asian session, at GMT0400, Crude Oil is trading at 87.83, 2.12% higher from yesterday’s close, amid speculation that demand for fuel would increase after US policymakers came closer to reaching a deal to avert the fiscal cliff and data out of Australia indicated that the country’s economy was fairing well.
Crude Oil is expected to find support at 86.91, and a fall through could take it to the next support level of 85.98. Crude oil is expected to find its first resistance at 88.33, and a rise through could take it to the next resistance level of 88.82.
Crude Oil is trading above its 20 Hr and 50 Hr moving averages.
