Crude Oil Movement
On Friday, Crude Oil prices declined 0.19% against the USD for the 24 hour period ending 24:00GMT, closing at 95.94, on renewed global demand concerns after the Organization of Petroleum Exporting Countries (OPEC) left its 2013 estimate unchanged and reported increased output in April.
In its April report, the OPEC forecast total average oil demand of 89.7 million barrels per day (bpd), up 0.8 million bpd from 2012, unchanged from its March projection. Also the agency reported that production increased to 30.46 million barrels per day in April, marking the highest level in five months and from 30.18 million bpd in March.
In the Asian session, at GMT0300, Crude Oil is trading at 95.30, 0.67% lower from Friday’s close.
Crude oil is expected to find support at 93.70, and a fall through could take it to the next support level of 92.11. Crude oil is expected to find its first resistance at 96.56, and a rise through could take it to the next resistance level of 97.83.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
