Crude Oil Movement
Crude Oil prices declined 0.17% against the USD for the 24 hour period ending 23:00GMT, closing at 94.48, as supply concerns in the Middle East region eased after Libya’s National Oil Corp stated that loadings at Hariga might resume next week. However, weakness in the US Dollar, led by dovish comments from US Federal Reserve officials, kept losses in the dollar-denominated commodity in check.
In the Asian session, at GMT0400, Crude Oil is trading at 94.80, 0.34% higher from yesterday’s close.
Crude oil is expected to find support at 94.20, and a fall through could take it to the next support level of 93.61. Crude oil is expected to find its first resistance at 95.25, and a rise through could take it to the next resistance level of 95.71.
Crude oil is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
