Crude Oil Movement
Oil prices declined 2.07% against the USD for the 24 hour period ending 23:00GMT on Friday, closing at 85.78, after the Egyptian President, Hosni Mubarak, resigned and handed power to the military, easing concerns over the disruption of crude-oil supplies from the Middle East.
At GMT 0400, Oil is trading at USD 85.70 per barrel in the Asian session, 0.09% lower from 23:00GMT.
The pair has its first resistance at 87.23, followed by the next resistance at 88.77. On the other side, the first support is at 84.63, with the subsequent support at 83.56.
The pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
