Crude Oil Movement
Crude Oil prices declined 1.63% against the USD for the 24 hour period ending 23:00GMT, closing at 97.76.
In a noteworthy development, the OPEC Monthly Oil Market Report for July 2014 projected that the world oil demand would increase by 1.2 mb/d to average 92.3 mb/d in the next year.
In the Asian session, at GMT0300, Crude Oil is trading at 98.02, 0.27% higher from yesterday’s close.
Meanwhile, Reuters reported that oil supply from OPEC members averaged 30.06 mb/d in July, above June’s 29.92 mb/d.
Crude oil is expected to find support at 97.13, and a fall through could take it to the next support level of 96.24. Crude oil is expected to find its first resistance at 99.38, and a rise through could take it to the next resistance level of 100.74.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
