Crude Oil Movement
Oil prices declined 2.00% against the USD for the 24 hour period ending 23:00GMT, closing at 83.79, amid uncertainty about the fragile economic recovery in US after Federal Reserve Chairman, Ben Bernanke, gave no hint about more stimulus measures.
In the Asian session, at GMT0300, Crude Oil is trading at 83.13, 0.79% lower from yesterday’s close.
Crude oil is expected to find support at 81.47, and a fall through could take it to the next support level of 79.82. Crude oil is expected to find its first resistance at 85.91, and a rise through could take it to the next resistance level of 88.69.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
