Crude Oil Movement
Crude oil prices declined 0.13% against the USD for the 24 hour period ending 23:00GMT, closing at 86.01, as a stalemate on crucial fiscal talks in the US and fresh troubles in Italy weighed on oil prices.
In the Asian session, at GMT0400, Crude Oil is trading at 85.64, 0.43% lower from yesterday’s close.
Later today, focus would be on the data on crude oil inventories from the American Petroleum Institute, followed by the Energy Information Administration US oil stockpile report tomorrow.
Crude oil is expected to find support at 85.05, and a fall through could take it to the next support level of 84.47. Crude oil is expected to find its first resistance at 86.50, and a rise through could take it to the next resistance level of 87.37.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
