Crude Oil Movement
Oil prices declined 0.20% against the USD, on Friday, for the 24 hour period ending 23:00GMT, closing at 85.37, as US consumer sentiment index fell sharply in August and as Euro zone industrial production dropped unexpectedly in June, raising concerns over the fuel demand.
At GMT 0300, Oil is trading at USD 85.47 per barrel in the Asian session, 0.12% higher from Friday’s close.
The pair has its first resistance at 87.23, followed by the next resistance at 88.98. On the other side, the first support is at 83.87, with the subsequent support at 82.26.
Crude oil price is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
