Crude Oil Movement
Crude Oil prices advanced 0.12% against the USD for the 24 hour period ending 23:00GMT, closing at 84.98. Crude prices continued to remain below its crucial $90 per barrel after Middle East producers hinted that they would continue to keep their outputs higher, even if that meant declining prices.
In the Asian session, at GMT0300, the pair is trading at 85.16, with oil trading 0.21% higher from yesterday’s close.
The pair is expected to find support at 84.19, and a fall through could take it to the next support level of 83.23. The pair is expected to find its first resistance at 85.99, and a rise through could take it to the next resistance level of 86.83.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
