Crude Oil Movement
On Friday, Crude Oil prices advanced 1.37% against the USD for the 24 hour period ending 24:00GMT, closing at 88.26, as upbeat German business confidence data raised hopes that the European economy may improve and would increase demand for fuels and energy. Additionally, protests across Egypt also spooked investors on fears that instability in the Mideast could threaten oil supply.
On Sunday, Mexican President, Felipe Calderon, announced the discovery of light crude oil in an onshore well in the southern state of Tabasco that could add up to 500 million barrels of oil to the country’s petroleum reserves.
In the Asian session, at GMT0400, Crude Oil is trading at 87.87, 0.44% lower from Friday’s close.
Crude Oil is expected to find support at 87.01, and a fall through could take it to the next support level of 86.14. Crude oil is expected to find its first resistance at 88.63, and a rise through could take it to the next resistance level of 89.38.
Crude Oil is trading above its 20 Hr and 50 Hr moving averages.
