Crude oil Movement
Oil prices declined 0.47% against the USD for the 24 hour period ending 23:00GMT, closing at 90.79, as fears that the Spanish economy is running under increasing financial strain dampened investor sentiment, fueling concerns that the Spanish economy, already deep into recession, may lag on European growth, which would crimp oil demand.
In the Asian session, at GMT0300, Crude Oil is trading at 90.35, 0.48% lower from yesterday’s close.
Crude oil is expected to find support at 89.67, and a fall through could take it to the next support level of 89.00. Crude oil is expected to find its first resistance at 91.60, and a rise through could take it to the next resistance level of 92.86.
Investors await the oil inventory reports later today and tomorrow to offer guidance to oil prices.
Crude oil is trading is trading below its 20 Hr and 50 Hr moving averages.
