Crude Oil Movement
Oil prices declined 0.20% against the USD for the 24 hour period ending 23:00GMT, closing at 95.27, amid uncertainty surrounding the European debt crisis and after report showing a manufacturing slowdown in the Philadelphia area.
The IEA, in its monthly report released on Thursday, raised its global oil demand forecast for 2011 by 0.1 million barrels per day to 89.3 million barrels.
At GMT 0300, Oil is trading at USD 94.84 per barrel in the Asian session, 0.45% lower from 23:00GMT.
The pair has its first resistance at 95.63, followed by the next resistance at 96.42. On the other side, the first support is at 94.17, with the subsequent support at 93.50.
The pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
