Crude Oil Movement
Oil prices declined 0.71% against the USD for the 24 hour period ending 23:00GMT, closing at 111.87, as speculation that global supplies are sufficient, prompted investors to book profit.
Investors await weekly crude oil inventory data to be released by API later today, to give guidance to oil prices.
At GMT 0300, Oil is trading at USD 111.25 per barrel in the Asian session, 0.55% lower from 23:00GMT.
The pair has its first resistance at 112.80, followed by the next resistance at 114.34. On the other side, the first support is at 110.39, with the subsequent support at 109.52.
The pair is trading just below its 20 Hr moving average and its 50 Hr moving average.
