Crude Oil Movement
Crude Oil prices declined 0.25% against the USD for the 24 hour period ending 23:00GMT, closing at 104.36, as investors remained cautious ahead of Fed monetary policy outcome and the US second quarter GDP data.
However, the losses were limited as violence in the Middle East continued to fuel worries over supply disruptions.
Inventory data from the US might also offer clues on the country’s oil demand, as traders await weekly report from the American Petroleum Institute today and the Energy Information Administration report tomorrow.
In the Asian session, at GMT0300, Crude Oil is trading at 104.26, 0.10% lower from yesterday’s close.
Crude oil is expected to find support at 103.63, and a fall through could take it to the next support level of 103.00. Crude oil is expected to find its first resistance at 105.13, and a rise through could take it to the next resistance level of 106.00.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
