Crude Oil Movement
Oil prices declined 5.26% against the USD for the 24 hour period ending 23:00GMT, closing at 94.83, amid a strong dollar and after the Organisation of Petroleum Exporting Countries (OPEC) decided to raise its production ceiling to 30 million barrels a day at the group’s meeting in Vienna.
Meanwhile, the Energy Information Administration reported that the crude supplies in the US declined 1.9 million barrels for week ended 9th December. Gasoline supplies rose 3.8 million barrels, while distillate stocks fell 500,000 barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 95.73, 0.95% higher from yesterday’s close.
Crude oil is expected to find support at 93.27, and a fall through could take it to the next support level of 90.80. Crude oil is expected to find its first resistance at 99.14, and a rise through could take it to the next resistance level of 102.54.
Crude Oil is trading below its 20 Hr and 50 Hr moving averages.
