Crude Oil Movement
Crude Oil prices declined 2.85% against the USD for the 24 hour period ending 23:00GMT, closing at 94.98, on demand concerns following downbeat Chinese manufacturing data and the Federal Reserve Chairman, Ben Bernanke’s comments on possible imminent tapering of bond buying programme in the US.
In the Asian session, at GMT0300, Crude Oil is trading at 95.33, 0.37% higher from yesterday’s close.
Crude oil is expected to find support at 94.21, and a fall through could take it to the next support level of 93.08. Crude oil is expected to find its first resistance at 96.95, and a rise through could take it to the next resistance level of 98.56.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
