Crude Oil Movement
Crude Oil prices declined 1.54% against the USD for the 24 hour period ending 23:00GMT, closing at 103.60, as indications that the Fed would alter economic stimulus by the end of 2013 fuelled speculation that oil demand may falter.
Yesterday, the Energy Information Administration reported that the US crude oil inventories decreased 1.4 million barrels to 359.1 million barrels for week ended August 16, after a decline of 2.81 million barrels reported in the prior week. Market had expected crude oil inventories to fall by 1.5 million barrels in the last week.
In the Asian session, at GMT0300, Crude Oil is trading at 103.82, 0.21% higher from yesterday’s close.
Crude oil is expected to find support at 103.17, and a fall through could take it to the next support level of 102.51. Crude oil is expected to find its first resistance at 104.81, and a rise through could take it to the next resistance level of 105.79.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
