Crude Oil Movement
Crude Oil prices declined 1.13% against the USD for the 24 hour period ending 23:00GMT, closing at 97.51. However, the losses were capped after the US Energy Information Administration (EIA) reported the biggest weekly decline in nearly a year, wherein the crude oil inventories fell by 10.59 million barrels for the week ended December 6, well beyond expectations for a decline of 2.95 million barrels. Separately, the International Energy Agency (IEA) in its monthly report stated that the global oil demand would be higher than expected next year and that could lift oil prices amid persistent production disruptions.
In the Asian session, at GMT0400, Crude Oil is trading at 97.34, 0.17% lower from yesterday’s close.
Crude oil is expected to find support at 96.82, and a fall through could take it to the next support level of 96.29. Crude oil is expected to find its first resistance at 98.25, and a rise through could take it to the next resistance level of 99.15.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
