Crude Oil Movement
Crude Oil prices declined 0.61% against the USD for the 24 hour period ending 23:00GMT, closing at 98.58, as traders booked profits. However, refinery strikes in France and internal strife in producers Libya and South Sudan checked losses.
In the Asian session, at GMT0400, Crude Oil is trading at 98.78, 0.20% higher from yesterday’s close.
Investors await the oil inventory reports later today and tomorrow to offer direction to oil prices.
Crude oil is expected to find support at 98.44, and a fall through could take it to the next support level of 98.10. Crude oil is expected to find its first resistance at 99.21, and a rise through could take it to the next resistance level of 99.64.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
