Crude Oil: Trading lower ahead of the US oil inventory data.

Crude Oil

Crude Oil Movement

Oil prices declined 0.96% against the USD for the 24 hour period ending 23:00GMT, closing at 79.28, amid continued concern that Europe’s debt crisis would curb demand for crude oil.

Investors await the oil inventory reports later today and tomorrow to offer guidance to oil prices.

In the Asian session, at GMT0300, Crude Oil is trading at 79.17, 0.14% lower from yesterday’s close.

Crude oil is expected to find support at 78.01, and a fall through could take it to the next support level of 76.85. Crude oil is expected to find its first resistance at 80.35, and a rise through could take it to the next resistance level of 81.53.

Crude oil is trading just above its 20 Hr and 50 Hr moving averages.

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