Crude Oil Movement
Oil prices advanced 0.89% against the USD for the 24 hour period ending 23:00GMT, closing at 99.73, as freezing temperature in Europe, supply concerns from Middle East and rising violence in Syria provided support to oil prices, shrugging off a monthly forecast from the OPEC, which reduced its global oil demand growth this year by 120,000 bpd to 940,000 bpd.
The Organization of Petroleum Exporting Countries lowered about 120,000 barrels a day out of its global oil-demand growth estimate for 2012 to about 940,000 barrels a day. Also, the group reduced its world economic growth estimate to 3.4% in 2012.
In the Asian session, at GMT0400, Crude Oil is trading at 99.42, 0.31% lower from yesterday’s close.
Crude oil is expected to find support at 98.67, and a fall through could take it to the next support level of 97.91. Crude oil is expected to find its first resistance at 100.18, and a rise through could take it to the next resistance level of 100.93.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
