Crude Oil Movement
Oil prices declined 2.66% against the USD for the 24 hour period ending 23:00GMT, closing at 96.95, as Europe’s sovereign-debt problems resurfaced thus fueling investors concerns about the global economic recovery.
At GMT 0300, Oil is trading at USD 98.30 per barrel in the Asian session, 1.39% higher from 23:00GMT.
The pair has its first resistance at 99.58, followed by the next resistance at 100.85. On the other side, the first support is at 96.70, with the subsequent support at 95.09.
The pair is showing convergence with its 50 Hr moving average and is trading just above its 20 Hr moving average.
