Crude Oil Movement
Oil prices declined 2.49% against the USD for the 24 hour period ending 23:00GMT, closing at 85.11, after Standard & Poor’s cut Italy’s credit rating, raising concerns that the fuel demand would falter. Also, the worsening Greece debt crisis further added to the decline.
At GMT 0300, Oil is trading at USD 85.72 per barrel in the Asian session, 0.72% higher from 23:00GMT.
The pair has its first resistance at 87.52, followed by the next resistance at 89.33. On the other side, the first support is at 84.35, with the subsequent support at 82.99.
The pair is trading below its 20 Hr and 50 Hr moving averages.
