Crude Oil Movement
Oil prices declined 2.31% against the USD on Friday for the 24 hour period ending 23:00GMT, closing at 98.07.
According to the American Petroleum Institute’s monthly report released on Friday, US petroleum demand in December was down 5.9% from December 2010, declining to an average of 18.57 million b/d, its lowest level in 15 years.
In the Asian session, at GMT0400, Crude Oil is trading at 98.06, marginally lower from Friday’s close.
European Union Foreign Ministers are meeting today to strengthen existing sanctions on Tehran by banning imports on Iranian crude as well as targeting finance, petrochemicals and gold.
Crude oil is expected to find support at 96.75, and a fall through could take it to the next support level of 95.45. Crude oil is expected to find its first resistance at 100.05, and a rise through could take it to the next resistance level of 102.05.
The pair is trading far below its 20 Hr and its 50 Hr moving averages.
