Crude Oil Movement
Crude Oil prices declined 0.82% against the USD for the 24 hour period ending 23:00GMT, closing at 86.01, after US lawmakers disagreed on steps to avert the spending cuts and tax increases raising concerns about the demand outlook for crude oil in the US.
In the Asian session, at GMT0400, Crude Oil is trading at 86.54, 0.62% higher from yesterday’s close, after Chinese economic data came in better than expected, raising speculation that demand for fuel would increase.
Crude oil is expected to find support at 85.91, and a fall through could take it to the next support level of 85.28. Crude oil is expected to find its first resistance at 87.07, and a rise through could take it to the next resistance level of 87.60.
Crude oil is converging with its 20 Hr and 50 Hr moving averages.
