Crude Oil Movement
Oil prices declined 0.85% against the USD for the 24 hour period ending 23:00GMT, closing at 100.60, after reports that Standard & Poor’s has warned six European nations about their triple-A ratings downgrade, raised concerns that the global fuel demand may falter.
In the Asian session, at GMT0400, Crude Oil is trading at 100.46, 0.14% lower from yesterday’s close.
Crude oil is expected to find support at 99.65, and a fall through could take it to the next support level of 98.85. Crude oil is expected to find its first resistance at 101.85, and a rise through could take it to the next resistance level of 103.25.
Crude Oil is trading below its 20 Hr and 50 Hr moving averages.
