On Friday, Oil prices declined 2.92% against the USD for the 24 hour period ending 23:00GMT, closing at 84.21, amid demand concern following disappointing US jobs growth data.
In the Asian session, at GMT0300, Crude Oil is trading at 84.93, 0.86% higher from Friday’s close, amid supply concerns following the ongoing strike in Norway, Iran sanctions and as bad weather halted exports from Iraq.
Crude oil is expected to find support at 83.68, and a fall through could take it to the next support level of 82.44. Crude oil is expected to find its first resistance at 86.49, and a rise through could take it to the next resistance level of 88.06.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.