Crude Oil Movement
Crude Oil prices declined 1.03% against the USD for the 24 hour period ending 23:00GMT, closing at 92.38, dragged down by concerns over the ongoing debt crisis in Cyprus and worries that it could spread further into Europe. Yesterday, the European Central Bank warned that it would not extend beyond Monday the emergency funding that has kept Cypriot banks in operation while a bailout plan was being negotiated. Moreover, disappointing economic data in Europe further pressured oil prices.
In the Asian session, at GMT0400, Crude Oil is trading at 92.72, 0.37% higher from yesterday’s close.
Crude oil is expected to find support at 91.90, and a fall through could take it to the next support level of 91.07. Crude oil is expected to find its first resistance at 93.49, and a rise through could take it to the next resistance level of 94.25.
Crude oil is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
