Crude Oil Movement
Oil prices advanced 0.25% against the USD, on Friday, for the 24 hour period ending 23:00GMT, closing at 85.53, after the US Federal Reserve Chairman Ben Bernanke gave a more optimistic view about the US economy and deferred all talk of further steps to a policy meeting in late September.
Some price support came from Hurricane Irene as it barrelled towards US East Coast refineries, posing a potential threat to supply; while the ongoing conflict in OPEC member, Libya and international pressure on Syria also underpinned sentiment.
At GMT 0300, Oil is trading at USD 85.39 per barrel in the Asian session, 0.16% lower from 23:00GMT.
The pair has its first resistance at 86.09, followed by the next resistance at 86.78. On the other side, the first support is at 84.81, with the subsequent support at 84.22.
The pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
