Crude Oil Movement
Oil prices declined 0.33% against the USD for the 24 hour period ending 23:00GMT, closing at 94.89, as investors booked profits from recent price rises as a result of easing concerns over Greece’s debt crisis and a weaker dollar.
At GMT 0300, Oil is trading at USD 94.75 per barrel in the Asian session, 0.15% lower from 23:00GMT. Oil prices continued to decline, as signs of slowing manufacturing growth in China and the US, fuelled speculation that fuel demand may falter.
The pair has its first resistance at 95.75, followed by the next resistance at 96.76. On the other side, the first support is at 93.81, with the subsequent support at 92.88.
The pair is showing convergence with its 20 Hr moving average and its 50 Hr moving average.
