Crude Oil Movement
Crude Oil prices declined 0.79% against the USD for the 24 hour period ending 23:00GMT, closing at 85.42, amid rising demand concerns after a report indicated that Japan’s economy slowed more-than-expected, thereby adding to fears over the weakening of global economic outlook.
In the Asian session, at GMT0400, Crude Oil is trading at 85.03, 0.46% lower from yesterday’s close.
Investors await the release of oil inventory data scheduled to be released later today and tomorrow, to offer further guidance to oil prices.
Crude Oil is expected to find support at 84.50, and a fall through could take it to the next support level of 83.97. Crude Oil is expected to find its first resistance at 86.05, and a rise through could take it to the next resistance level of 87.07.
Crude Oil is trading below its 20 Hr and 50 Hr moving averages.
