Crude Oil Movement
Oil prices declined 2.54% against the USD, on Friday, for the 24 hour period ending 23:00GMT, closing at 96.39, as dismal US unemployment data in June disappointed investors and raised concerns over the demand for oil.
In China, consumer price index rose 6.4% from a year earlier in June, the fastest pace in inflation since July 2008 and acceleration from May’s 5.5% rate also weighed on crude oil prices.
At GMT 0300, Oil is trading at USD 95.86 per barrel in the Asian session, 0.55% lower from 23:00GMT.
The pair has its first resistance at 98.16, followed by the next resistance at 100.46. On the other side, the first support is at 94.58, with the subsequent support at 93.30.
The pair is trading just below its 20 Hr and its 50 Hr moving averages.
