Crude Oil Movement
Oil prices declined 5.02% against the USD, on Friday, for the 24 hour period ending 23:00GMT, closing at 78.67, over investors’ speculation that the oil demand would falter amid European debt concerns. Also, signs of slowing economic growth in China further added to the investors’ worries.
At GMT 0300, Oil is trading at USD 78.09 per barrel in the Asian session, 0.74% lower from Friday’s close.
The pair has its first resistance at 81.42, followed by the next resistance at 84.75. On the other side, the first support is at 76.33, with the subsequent support at 74.57.
The pair is trading below its 20 Hr and 50 Hr moving averages.
