Crude Oil Movement
Crude Oil prices declined 1.00% against the USD for the 24 hour period ending 23:00GMT, closing at 94.91, after the American Petroleum Institute reported a 9 million barrel rise in crude stockpiles for the week ending June 7.
Moreover, the US Energy Information Administration, in its monthly short-term energy outlook report, lowered both its 2013 and 2014 world oil demand growth forecasts by 20,000 barrels per day. Further pressuring prices, the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for 2013 world oil demand growth by 10,000 barrels per day (bpd) to 780,000 bpd.
In the Asian session, at GMT0300, Crude Oil is trading at 94.76, 0.16% lower from yesterday’s close.
Crude Oil is expected to find support at 93.90, and a fall through could take it to the next support level of 93.04. Crude oil is expected to find its first resistance at 95.76, and a rise through could take it to the next resistance level of 96.76.
Crude Oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
