Crude Oil Movement
Crude Oil prices declined 0.77% against the USD for the 24 hour period ending 23:00GMT, closing at $85.29, as refineries and oil terminals on the US East Coast shut down due to Hurricane Sandy.
In the Asian session, at GMT0400, Crude Oil is trading at 85.31, marginally higher from yesterday’s close.
Crude oil is expected to find support at 84.55, and a fall through could take it to the next support level of 83.78. Crude oil is expected to find its first resistance at 86.21, and a rise through could take it to the next resistance level of 87.10.
Crude oil is trading just below its 20 Hr and 50 Hr moving averages.
