Crude Oil Movement
Oil prices declined 3.14% against the USD for the 24 hour period ending 23:00GMT, closing at 78.36, on speculation that demand for crude oil would curb following weak economic data around the globe.
In the Asian session, at GMT0300, Crude Oil is trading at 78.62, 0.33% higher from yesterday’s close.
Crude oil price is expected to take cues from American Petroleum Institute (API) monthly report due out later today.
Crude oil is expected to find support at 77.35, and a fall through could take it to the next support level of 76.08. Crude oil is expected to find its first resistance at 80.47, and a rise through could take it to the next resistance level of 82.32.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
