Crude Oil Movement
Oil prices declined 0.54% against the USD for the 24 hour period ending 23:00GMT, closing at 89.68, as demand sentiment weakened following weak economic data from the Euro-zone.
According to a Reuters survey, supply from the OPEC fell by 450,000 barrels per day (bpd) in July to 31.18 million bpd.
Investors awaits the oil inventory reports later today and tomorrow to offer further direction to oil prices.
In the Asian session, at GMT0300, Crude Oil is trading at 90.06, 0.42% higher from yesterday’s close.
Crude oil is expected to find support at 89.28, and a fall through could take it to the next support level of 88.49. Crude oil is expected to find its first resistance at 90.90, and a rise through could take it to the next resistance level of 91.73.
Crude oil is trading just above its 20 Hr and 50 Hr moving averages.
