Crude Oil Movement
On Friday, Crude Oil prices declined 2.81% against the USD for the period ending 21:00GMT, closing at 90.84, as weak US confidence and retail data raised concern over demand prospects.
In the Asian session, at GMT0300, Crude Oil is trading at 89.65, 1.31% lower from Friday’s close, as economic growth slowed in China, the world’s second- largest crude consumer.
Crude oil is expected to find support at 88.26, and a fall through could take it to the next support level of 86.87. Crude oil is expected to find its first resistance at 92.21, and a rise through could take it to the next resistance level of 94.77.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
