Crude Oil Movement
Oil prices declined 1.49% against the USD for the 24 hour period ending 23:00GMT, closing at 87.43.
In the Asian session, at GMT0300, Crude Oil is trading at 87.48, 0.06% higher from yesterday’s close, buoyed by the recent North Sea production problems and the potential threat to Middle East oil supplies from the turmoil in Syria and Iran’s dispute with the West over Tehran’s nuclear program. However, worries over a slowing global economy capped gains.
Oil traders remain concerned as disappointment that the European Central Bank did not offer more immediate steps to boost economic growth, and weak data from the US and China, capped oil price gains.
Crude oil is expected to find support at 86.39, and a fall through could take it to the next support level of 85.30. Crude oil is expected to find its first resistance at 89.10, and a rise through could take it to the next resistance level of 90.72.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
