Crude Oil Movement
On Friday, Crude Oil prices declined 2.42% against the USD for the 24 hour period ending 24:00GMT, closing at 84.79, as investors remained on the sidelines ahead of US Presidential elections, fretting about the economic policies of the candidates and their possible impact on the world’s biggest oil consumer.
Crude Oil prices also fell on Friday, after the US government temporarily waived Jones Act restrictions on tankers carrying fuel from the Gulf Coast refining hub to Northeast to tide over shortages caused by Hurricane Sandy.
In the Asian session, at GMT0400, Crude Oil is trading at 85.16, 0.44% higher from Friday’s close, as investors indulged in bottom fishing following the recent drop in prices.
Crude oil is expected to find support at 84.15, and a fall through could take it to the next support level of 83.13. Crude oil is expected to find its first resistance at 86.63, and a rise through could take it to the next resistance level of 88.09.
Crude Oil is trading below its 20 Hr and 50 Hr moving averages.
