Crude Oil Movement
Oil prices declined 2.64% against the USD for the 24 hour period ending 23:00GMT, closing at 98.05, as the greenback strengthened and after ECB President, Mario Draghi signalled not to increase bond purchase programme to tame Euro-zone’s sovereign debt crisis.
In the Asian session, at GMT0400, Crude Oil is trading at 97.72, 0.34% lower from yesterday’s close.
Crude oil is expected to find support at 96.30, and a fall through could take it to the next support level of 94.87. Crude oil is expected to find its first resistance at 100.44, and a rise through could take it to the next resistance level of 103.15.
Crude Oil is trading below its 20 Hr and 50 Hr moving averages.
