Crude Oil Movement
Oil prices declined 1.27% against the USD, on Friday, for the 24 hour period ending 23:00GMT, closing at 95.85, after report showed that the US economy grew less than expected in the second quarter.
At GMT 0300, Oil is trading at USD 96.93 per barrel in the Asian session, 1.13% higher from 23:00GMT, after US President, Barack Obama, stated that congressional leaders have agreed to raise the nation’s borrowing limit and avert a default by the world’s top oil consumer.
The pair has its first resistance at 97.90, followed by the next resistance at 98.86. On the other side, the first support is at 95.46, with the subsequent support at 93.98.
The pair is trading just above its 20 Hr and its 50 Hr moving averages.
