Crude Oil Movement
Crude Oil prices declined 3.79% against the USD for the 24 hour period ending 23:00GMT, closing at 84.49.Oil prices slumped below $90 per barrel, its lowest level in 27 months, amid a stronger US Dollar, global glut of crude and subdued demand growth. Meanwhile, prices further came under pressure after Iran’s oil Minister Bijan Namdar Zanganeh hinted earlier during the week that there would be no emergency cut in production from the Middle East’s largest producers before the end of November.
In the Asian session, at GMT0300, the pair is trading at 84.33, with oil trading 0.19% lower from yesterday’s close.
The pair is expected to find support at 82.97, and a fall through could take it to the next support level of 81.54. The pair is expected to find its first resistance at 86.87, and a rise through could take it to the next resistance level of 89.34.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
