Crude Oil Movement
Crude Oil prices declined 0.80% against the USD for the 24 hour period ending 23:00GMT, closing at 97.77, after the Federal Reserve Chairman, Ben Bernanke hinted for a probable pull back of the central bank’s $85 billion bond purchase programme later this year.
Further, oil prices were weighed down after the US Energy Information Administration in its weekly report indicated that the US crude stock piles in the week ended June 14 increased unexpectedly by 313,000 barrels, against the market expectations for a 500,000 barrel decline.
In the Asian session, at GMT0300, Crude Oil is trading at 97.10, 0.69% lower from yesterday’s close.
Crude oil is expected to find support at 96.46, and a fall through could take it to the next support level of 95.83. Crude oil is expected to find its first resistance at 98.37, and a rise through could take it to the next resistance level of 99.65.
Crude Oil is trading below its 20 Hr and 50 Hr moving averages.
