Crude Oil Movement
Oil prices declined 1.05% against the USD for the 24 hour period ending 23:00GMT, closing at 86.82, amid profit booking.
Meanwhile, Norway’s Oil Industry Association stated that it is willing to negotiate to end a 10-day strike with labor as quickly as possible.
Investors await the oil inventory report later today from the US Energy Information Administration to offer guidance to oil prices. In the Asian session, at GMT0300, Crude Oil is trading at 87.02, 0.23% higher from yesterday’s close.
Crude oil is expected to find support at 86.49, and a fall through could take it to the next support level of 85.95. Crude oil is expected to find its first resistance at 87.57, and a rise through could take it to the next resistance level of 88.11.
Crude oil is showing convergence with its 20 Hr moving average and trading just above 50 Hr moving average.
