Crude Oil Movement
Oil prices declined 0.22% against the USD for the 24 hour period ending 23:00GMT, closing at 85.88, after the International Energy Agency (IEA) stated that global economic slowdown could pressurize oil prices.
Additionally, the agency kept its estimate of global oil demand growth steady at around 800,000 bpd for 2012 and stated demand would increase by around 1 million bpd in 2013.
In the Asian session, at GMT0300, Crude Oil is trading at 85.94, 0.07% higher from yesterday’s close.
Crude oil is expected to find support at 84.64, and a fall through could take it to the next support level of 83.35. Crude oil is expected to find its first resistance at 86.80, and a rise through could take it to the next resistance level of 87.67.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
