Crude Oil Movement
Crude Oil prices declined 0.36% against the USD for the 24 hour period ending 23:00GMT, closing at 87.83.
In the Asian session, at GMT0400, Crude Oil is trading at 88.04, 0.24% higher from yesterday’s close, as optimism coursed through commodities market following news that the EU and IMF officials have reached a deal on Greek debt targets needed to free up aid for the country, although worries about a looming US fiscal crisis kept a lid on gains.
However, investors await the release of oil inventory data scheduled to be released later today and tomorrow, to offer further guidance to oil prices.
Oil traders are also keeping an eye on the political crisis in Egypt that has triggered worries about supply.
Crude Oil is expected to find support at 87.45, and a fall through could take it to the next support level of 86.87. Crude oil is expected to find its first resistance at 88.45, and a rise through could take it to the next resistance level of 88.87.
Crude Oil is trading just above its 20 Hr and 50 Hr moving averages.
