Crude Oil Movement
On Friday, Crude Oil prices declined 0.28% against the USD for the period ending 21:00GMT, closing at 88.01. However, losses were limited amid speculation that the Organization of the Petroleum Exporting Countries may hold an emergency meeting to discuss the recent drop in oil prices.
On Sunday, Norway’s ruling Labour Party approved an impact study that could help the country explore for oil in an environmentally sensitive region of the Arctic where 1.27 billion barrels of oil equivalent could be recovered.
In the Asian session, at GMT0300, Crude Oil is trading at 88.44, 0.49% higher from Friday’s close.
Crude oil is expected to find support at 87.74, and a fall through could take it to the next support level of 87.03. Crude oil is expected to find its first resistance at 88.97, and a rise through could take it to the next resistance level of 89.49.
Crude oil is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
