Crude Oil Movement
On Friday, Oil prices advanced 8.34% against the USD for the 24 hour period ending 23:00GMT, closing at 84.82, amid speculation that demand for oil would rise as European leaders agreed to create a single supervisory body for Euro-zone banks to ease regions’ debt crises. A strike by offshore workers in Norway’s oil sector has further supported oil prices.
In the Asian session, at GMT0300, Crude Oil is trading at 84.06, 0.9% lower from yesterday’s close, after the release of weak factory data from China, the top energy consumer.
Crude oil is expected to find support at 79.89, and a fall through could take it to the next support level of 75.73. Crude oil is expected to find its first resistance at 86.78, and a rise through could take it to the next resistance level of 89.51.
Crude oil is trading well above its 20 Hr and 50 Hr moving averages.
