Crude Oil Movement
Oil prices declined 4.92% against the USD for the 24 hour period ending 23:00GMT, closing at 80.58, as investors sold off commodities as a decline in the financial markets further intensified worries that oil demand would falter.
At GMT 0300, Oil is trading at USD 81.14 per barrel in the Asian session, 0.69% higher from 23:00GMT.
The pair has its first resistance at 84.12, followed by the next resistance at 87.10. On the other side, the first support is at 78.91, with the subsequent support at 76.68.
The pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
