Crude Oil Movement
Crude Oil prices declined 0.91% against the USD for the 24 hour period ending 23:00GMT, closing at 102.94, after the recent price hike lead to heavy profit booking, and as concerns in Egypt eased slightly.
Investors await the oil inventory reports later today and tomorrow to offer further guidance to oil prices.
In the Asian session, at GMT0300, Crude Oil is trading at 103.02, marginally higher from yesterday’s close.
Crude oil is expected to find support at 102.17, and a fall through could take it to the next support level of 101.31. Crude oil is expected to find its first resistance at 103.84, and a rise through could take it to the next resistance level of 104.65.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
