Crude Oil Movement
Crude Oil prices declined 0.15% against the USD for the 24 hour period ending 23:00GMT, closing at 106.54, amid a broad gain in the US Dollar. Additionally, concerns on the supply-outlook of oil from Iraq eased after Iraqi officials confirmed that the southern regions, which produced nearly 90.0% of the nation’s oil, were safe from Sunni militants. However, crude oil pared some of its initial losses after the American Petroleum Institute (API) reported a more-than-expected 5.7 million barrels drop in the US crude stockpiles, last week, to 378.2 million. Analysts had expected a decline of 650,000 barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 106.69, 0.14% higher from yesterday’s close.
Crude oil is expected to find support at 106.07, and a fall through could take it to the next support level of 105.46. Crude oil is expected to find its first resistance at 107.24, and a rise through could take it to the next resistance level of 107.80.
Crude oil is trading just above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
