Crude Oil Movement
Oil prices declined 1.45% against the USD, on Friday, for the 24 hour period ending 23:00GMT, closing at 97.18, over investors’ speculation that fuel demand may falter amid signs of slowing global economic growth in Asia and debt crises in the Euro-zone.
In the Asian session, at GMT0400, Crude Oil is trading at 97.67, 0.50% higher from Friday’s close.
Crude oil is expected to find support at 96.16, and a fall through could take it to the next support level of 94.64. Crude oil is expected to find its first resistance at 99.67, and a rise through could take it to the next resistance level of 101.66.
Crude Oil is trading below its 20 Hr and 50 Hr moving averages.
