Crude Oil Movement
On Friday, Crude Oil prices declined 0.83% against the USD for the 24 hour period ending 24:00GMT, closing at 90.62.
On Friday, the US Energy Information Administration reported that, during the week ended December 21, crude supplies retreated by 600,000 barrels. Market had expected a 2 million-barrel decline. Gasoline supplies rose by 3.8 million barrels, while distillate stocks rose by 2.4 million barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 90.82, 0.22% higher from Friday’s close, on concerns that the US may not reach a deal by January 1 to prevent a fiscal crisis that could erode fuel demand at the world’s largest oil consumer.
Democrats and Republicans remained at loggerheads on Sunday over a deal that would prevent the US from tumbling over a “fiscal cliff” of sharp spending cuts and higher taxes for all Americans.
Crude Oil is expected to find support at 90.30, and a fall through could take it to the next support level of 89.78. Crude oil is expected to find its first resistance at 91.36, and a rise through could take it to the next resistance level of 91.90.
Crude Oil is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
