Crude Oil Movement
Crude Oil prices advanced 2.44% against the USD for the 24 hour period ending 23:00GMT, closing at 88.26, on reducing demand prospects for the fuel after the US and the UK posted weaker economic data.
Also, speculation rose that the Organization of Petroleum Exporting Countries (OPEC) would hold an emergency meeting to address the recent decline in global crude oil prices.
In the Asian session, at GMT0300, Crude Oil is trading at 88.09, 0.19% lower from yesterday’s close.
Crude oil is expected to find support at 86.58, and a fall through could take it to the next support level of 85.06. Crude oil is expected to find its first resistance at 89.06, and a rise through could take it to the next resistance level of 90.02.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
