Oil prices declined 1.32% against the USD for the 24 hour period ending 23:00GMT, closing at 94.16, as mounting political uncertainty in Greece, raised global demand concern for commodity.
Oil was further pressurized, after the Saudi Arabian Oil Minister, Ali al-Naimi stated that the price of Brent should fall to around $100 per barrel as current oil supply outweighs demand, adding that consumption may rebound in the second half of 2012.
In the Asian session, at GMT0300, Crude Oil is trading at 94.41, 0.27% higher from yesterday’s close.
Investors await the oil inventory reports later today and tomorrow to offer guidance to oil prices.
Crude oil is expected to find support at 93.44, and a fall through could take it to the next support level of 92.48. Crude oil is expected to find its first resistance at 95.58, and a rise through could take it to the next resistance level of 96.76.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.