Crude Oil Movement
Oil prices advanced 2.75% against the USD for the 24 hour period ending 23:00GMT, closing at 87.67, after an unexpected surge in consumer spending in July signalled that the US economy was not falling into recession, reducing fuel demand concerns.
Oil prices also rose, as investors shrugged off the minor impact of Hurricane Irene. Expectations of widespread refinery shutdowns or damaged oil infrastructure failed to come to pass over the weekend, after Irene lost much of its strength as it made its way up the East Coast.
At GMT 0300, Oil is trading at USD 87.56 per barrel in the Asian session, 0.13% lower from 23:00GMT.
The pair has its first resistance at 88.46, followed by the next resistance at 89.35. On the other side, the first support is at 85.93, with the subsequent support at 84.29.
The pair is trading above its 20 Hr and its 50 Hr moving averages.
