Oil prices advanced 1.00% against the USD for the 24 hour period ending 23:00GMT, closing at 85.24.
In the Asian session, at GMT0300, crude oil is trading at 84.76, 0.56% lower from yesterday’s close, as weak Chinese import data stoked fears of a global fuel demand slowdown and after Norway ended an energy strike that threatened to halt production by Europe’s largest crude exporter.
Meanwhile, investors await the oil inventory reports later today and tomorrow to offer further guidance to oil prices.
Crude oil is expected to find support at 83.85, and a fall through could take it to the next support level of 82.93. Crude oil is expected to find its first resistance at 86.08, and a rise through could take it to the next resistance level of 87.39.
Crude oil is trading below its 20 Hr and 50 Hr moving average.