Crude Oil Movement
Oil prices declined 1.18% against the USD for the 24 hour period ending 23:00GMT, closing at 83.69, amid demand concern following weak manufacturing data from China, Europe, and the US.
Investors await the oil inventory reports later today and tomorrow to offer guidance to oil prices.
In the Asian session, at GMT0300, Crude Oil is trading at 84.21, 0.62% higher from yesterday’s close.
Crude oil is expected to find support at 82.73, and a fall through could take it to the next support level of 81.26. Crude oil is expected to find its first resistance at 85.05, and a rise through could take it to the next resistance level of 85.90.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
