Crude Oil Movement
Oil prices declined 1.31% against the USD for the 24 hour period ending 23:00GMT, closing at 98.05, on concerns Europe may slip into a recession, diminishing hopes that new governments in Italy and Greece would prevent the region’s debt crisis from worsening.
In the Asian session, at GMT0400, Crude Oil is trading at 98.21, 0.16% higher from yesterday’s close.
Crude oil is expected to find support at 97.17, and a fall through could take it to the next support level of 96.13. Crude oil is expected to find its first resistance at 99.27, and a rise through could take it to the next resistance level of 100.33.
Crude Oil is showing convergence with its 20 Hr and 50 Hr moving averages.
