Crude Oil Movement
Oil prices declined 0.54% against the USD for the 24 hour period ending 23:00GMT, closing at 97.17, on speculation that stock piles might increase in the US and amid concerns that Greece would fail to take sufficient steps to avert a default, threatening fuel demand.
In the Asian session, at GMT0400, Crude Oil is trading at 96.81, 0.37% lower 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 96.24, and a fall through could take it to the next support level of 95.66. Crude oil is expected to find its first resistance at 97.53, and a rise through could take it to the next resistance level of 98.24.
The pair is trading just below its 20 Hr and 50 Hr moving averages.
