Crude Oil Movement
Crude Oil prices declined 3.49% against the USD for the 24 hour period ending 23:00GMT, closing at 87.34, as disappointing economic data from China and the US, the world’s biggest crude oil consumers, raised doubts over the strength of the world economy and global demand for crude.
In the Asian session, at GMT0300, Crude Oil is trading at 86.69, 0.74% lower from yesterday’s close.
Investors look forward to the crude oil inventories data by the American Petroleum Institute, due later today and the Energy Information Administration US oil stockpile report due tomorrow.
Crude oil is expected to find support at 85.14, and a fall through could take it to the next support level of 83.58. Crude oil is expected to find its first resistance at 89.17, and a rise through could take it to the next resistance level of 91.64.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
