Crude Oil Movement
Oil prices declined marginally against the USD for the 24 hour period ending 23:00GMT, closing at 99.11, as the US lawmakers’ failure to reach an agreement on the country’s debt ceiling, raised concerns over the decline in energy demand.
At GMT 0300, Oil is trading at USD 99.42 per barrel in the Asian session, 0.31% higher from 23:00GMT.
The pair has its first resistance at 99.96, followed by the next resistance at 100.50. On the other side, the first support is at 98.70, with the subsequent support at 97.98.
The pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
