Crude Oil Movement
Oil prices declined 1.58% against the USD for the 24 hour period ending 23:00GMT, closing at 96.03, as the greenback strengthened.
Further, crude oil fell amid concerns that fuel demand may curb, following continuing concerns over debt crises in Europe and the US.
At GMT 0300, Oil is trading at USD 96.22 per barrel in the Asian session, 0.20% higher from 23:00GMT.
The pair has its first resistance at 97.46, followed by the next resistance at 98.71. On the other side, the first support is at 94.83, with the subsequent support at 93.45.
The pair is showing convergence with its 20 Hr moving average and its 50 Hr moving average.
