Crude Oil Movement
Crude Oil prices declined 0.47% against the USD for the 24 hour period ending 23:00GMT, closing at 94.41, as a stronger dollar and concerns over Iranian nuclear talks, triggered a sell-off in the commodity. However, the losses in the commodity were capped after an upbeat growth in the US Gross Domestic Product (GDP) bolstered the demand outlook of the commodity in the nation, the largest consumer of crude oil.
In the Asian session, at GMT0400, Crude Oil is trading at 94.46, marginally higher from yesterday’s close.
Crude oil is expected to find support at 93.74, and a fall through could take it to the next support level of 93.01. 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 96.03.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
