Crude Oil Movement
Crude Oil prices dropped 0.81% against the USD for the 24 hour period ending 23:00GMT, closing at 105.68. Iran’s new President, Hassan Rouhani, in his first news conference since taking the oath on Sunday, indicated that he was “seriously determined” to resolve the dispute with West and was ready to enter “serious and substantive” negotiations.
However, losses in oil prices were capped on hopes of a revival in future demand growth in the US, the world’s largest oil consumer, following better-than-expected trade data and a steeper-than-expected drop in stockpiles.
Yesterday, the American Petroleum Institute reported that the US oil stockpiles fell 3.7 million barrels for the week ended August 2, against the forecast for a decline of 2 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 105.41, 0.26% lower from yesterday’s close.
Crude oil is expected to find support at 104.42, and a fall through could take it to the next support level of 103.44. Crude oil is expected to find its first resistance at 106.83, and a rise through could take it to the next resistance level of 108.26.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
