Crude Oil Movement
On Friday, Oil prices advanced 0.60% against the USD for the 24 hour period ending 23:00GMT, closing at 84.29.
In the Asian session, at GMT0300, Crude Oil is trading at 85.97, 1.99% higher from Friday’s close, amid speculation that demand for oil might rise after Euro-zone Finance Ministers agreed at the weekend to lend Spain funds to help its struggling banks.
Crude oil is expected to find support at 83.10, and a fall through could take it to the next support level of 80.24. Crude oil is expected to find its first resistance at 87.73, and a rise through could take it to the next resistance level of 89.50.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
