Crude Oil Movement
Crude Oil prices declined 2.16% against the USD for the 24 hour period ending 23:00GMT, closing at 104.50, after economic data indicated that the number of people who filed for jobless benefits in the US increased unexpectedly in the week ending July 6.
Separately, the International Energy Agency forecasted that, oil supplies in countries other than the OPEC would rise by 1.3 million barrels a day in 2014
In the Asian session, at GMT0300, Crude Oil is trading at 104.84, 0.33% higher from yesterday’s close.
Crude oil is expected to find support at 103.62, and a fall through could take it to the next support level of 102.39. Crude oil is expected to find its first resistance at 106.76, and a rise through could take it to the next resistance level of 108.67.
Crude oil is trading just below its 20 Hr and 50 Hr moving averages.
