Crude Oil Movement
Crude Oil prices declined 0.20% against the USD for the 24 hour period ending 23:00GMT, closing at 85.24, after the International Energy Agency (IEA) lowered its estimates for global oil demand for the Q4 FY2012 by 290,000 barrels to 90.1 million barrels per day, citing weakness in Europe’s economy and disruption to US fuel delivery by Hurricane Sandy.
The IEA also stated that Iran’s production and exports had rebounded in October, despite Western sanctions, thereby adding to the amount of crude oil in the market.
In the Asian session, at GMT0400, Crude Oil is trading at 85.45, 0.25% higher from yesterday’s close.
Crude Oil is expected to find support at 84.70, and a fall through could take it to the next support level of 83.96. Crude Oil is expected to find its first resistance at 86.07, and a rise through could take it to the next resistance level of 86.70.
Crude Oil is showing convergence with its 20 Hr and 50 Hr moving averages.
