Crude Oil Movement
Oil prices declined 1.45% against the USD for the 24 hour period ending 23:00GMT, closing at 88.61, as investors bet that oil demand would falter, after the Federal Reserve Chairman, Ben Bernanke stated that the economic recovery is fragile.
At GMT 0300, Oil is trading at USD 89.37 per barrel in the Asian session, 0.86% higher from 23:00GMT.
The pair has its first resistance at 90.28, followed by the next resistance at 91.20. On the other side, the first support is at 88.40, with the subsequent support at 87.44.
The pair is trading just above its 20 Hr and its 50 Hr moving averages.
