Crude Oil Movement
Oil prices declined 0.48% against the USD, on Friday, for the 24 hour period ending 23:00GMT, closing at 80.19, after the Group of 20 nations meeting on Friday failed to ease concerns over the European debt crisis, raising speculation that the debt crisis would curb the oil demand.
At GMT 0300, Oil is trading at USD 79.99 per barrel in the Asian session, 0.25% lower from Friday’s 23:00GMT.
The pair has its first resistance at 81.88, followed by the next resistance at 83.76. On the other side, the first support is at 77.83, with the subsequent support at 75.66.
The pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
