Crude Oil Movement
Oil prices declined 6.76% against the USD for the 24 hour period ending 23:00GMT, closing at 81.53, as Morgan Stanley cut its forecast for global growth in 2011 yesterday, raising concerns about the oil demand.
Global investment bank Morgan Stanley, yesterday, cut the growth forecast for the world economy, citing inadequate policy response, disappointing data and prospects of further fiscal tightening.
At GMT 0300, Oil is trading at USD 81.27 per barrel in the Asian session, 0.32% lower from 23:00GMT.
The pair has its first resistance at 85.62, followed by the next resistance at 89.97. On the other side, the first support is at 78.78, with the subsequent support at 76.29.
The pair is trading well below its 20 Hr and its 50 Hr moving averages.
