Crude Oil Movement
Oil prices declined 2.33% against the USD, on Friday, for the 24 hour period ending 23:00GMT, closing at 93.05, over speculation that the Greece debt crisis and slowing of global economic recovery would lead to a decline in global oil demand.
At GMT 0300, Oil is trading at USD 92.36 per barrel in the Asian session, 0.74% lower from Friday’s close at 23:00GMT.
The pair has its first resistance at 94.45, followed by the next resistance at 96.53. On the other side, the first support is at 91.06, with the subsequent support at 89.75.
The pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
