Crude Oil Movement
Crude Oil prices declined 1.16% against the USD for the 24 hour period ending 23:00GMT, closing at 103.37, as waning concerns over the supply outlook of the commodity from the Middle East region, continued to exert pressure on the prices of crude oil.
In the Asian session, at GMT0300, Crude Oil is trading at 103.42, marginally higher from yesterday’s close.
Crude oil is expected to find support at 102.65, and a fall through could take it to the next support level of 101.89. Crude oil is expected to find its first resistance at 104.65, and a rise through could take it to the next resistance level of 105.89.
Traders are expected to keep an eye on American Petroleum Institute’s report on the US crude supply for the week ended September 20, 2013, due later today. Investors would also closely watch for any signs of easing tensions between Iran and the US, amid possible meeting this week between President Barack Obama and Iran’s new centrist president, Hassan Rouhani.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
