Crude Oil Movement
Crude Oil prices declined 0.38% against the USD for the 24 hour period ending 23:00GMT, closing at 92.26, amid rising fears about bulging supplies of crude oil and falling demand for gasoline. Meanwhile, forecasts for warmer-than-normal weather in the coming weeks also pressured prices lower. Additionally, increasing expectations for Libyan production to approach normal levels and add to global supply, also led to the decline in prices of oil.
In the Asian session, at GMT0400, Crude Oil is trading at 92.39, 0.14% higher from yesterday’s close.
Crude oil is expected to find support at 91.44, and a fall through could take it to the next support level of 90.50. Crude oil is expected to find its first resistance at 93.13, and a rise through could take it to the next resistance level of 93.88.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
