Crude Oil Movement
Crude Oil prices declined 0.20% against the USD for the 24 hour period ending 23:00GMT, closing at 97.01, on concerns over the shutdown of a US pipeline in the key Gulf Coast refining region.
Investors now await for the closely watched government inventory data from the American Petroleum Institute (API) today and from the Energy Information Administration due to be released tomorrow.
In the Asian session, at GMT0300, Crude Oil is trading at 96.82, 0.20% lower from yesterday’s close.
Crude oil is expected to find support at 96.12, and a fall through could take it to the next support level of 95.43. Crude oil is expected to find its first resistance at 97.31, and a rise through could take it to the next resistance level of 97.81.
Crude oil is trading just above its 20 Hr and 50 Hr moving averages.
