Crude Oil Movement
Oil prices declined 0.78% against the USD for the 24 hour period ending 23:00GMT on Friday, closing at 98.95, after the International Energy Agency (IEA) cut its 2012 estimate for global oil demand to 0.8 million barrels a day, against a prior forecast of 1.1 million barrels a day.
In the Asian session, at GMT0400, Crude Oil is trading at 99.59, 0.65% higher from Friday’s close, after Greece’s parliament approved austerity measures to secure an international bailout, raising expectations of a revival in demand growth.
Crude oil is expected to find support at 98.05, and a fall through could take it to the next support level of 96.50. Crude oil is expected to find its first resistance at 100.41, and a rise through could take it to the next resistance level of 101.22.
Oil prices declined 0.78% against the USD for the 24 hour period ending 23:00GMT on Friday, closing at 98.95, after the International Energy Agency (IEA) cut its 2012 estimate for global oil demand to 0.8 million barrels a day, against a prior forecast of 1.1 million barrels a day.
In the Asian session, at GMT0400, Crude Oil is trading at 99.59, 0.65% higher from Friday’s close, after Greece’s parliament approved austerity measures to secure an international bailout, raising expectations of a revival in demand growth.
Crude oil is expected to find support at 98.05, and a fall through could take it to the next support level of 96.50. Crude oil is expected to find its first resistance at 100.41, and a rise through could take it to the next resistance level of 101.22.
The pair is trading above its 20 Hr and 50 Hr moving averages.
