Crude Oil Movement
Crude Oil prices tumbled 1.34% against the USD for the 24 hour period ending 23:00GMT, closing at 106.99, as weak US housing data raised concerns that economic growth would stall in the US, world’s biggest oil consumer.
Traders await weekly US oil inventories report, which would provide further cues on trend in oil prices.
In the Asian session, at GMT0300, Crude Oil is trading at 107.02, tad higher from yesterday’s close.
Crude oil is expected to find support at 106.04, and a fall through could take it to the next support level of 105.05. Crude oil is expected to find its first resistance at 108.40, and a rise through could take it to the next resistance level of 109.77.
Crude oil is trading below its 20 Hr and its 50 Hr moving averages.
