Crude Oil Movement
Crude oil prices marginally declined against the USD for the 24 hour period ending 23:00GMT, closing at 97.32. However, losses were capped after the American Petroleum Institute (API) reported a 2.5 million-barrel fall in US crude supplies for the week ended December 13 and as supply concerns increased because of strikes at various French refineries.
In the Asian session, at GMT0400, Crude Oil is trading at 97.40, 0.08% higher from yesterday’s close.
Crude oil is expected to find support at 96.97, and a fall through could take it to the next support level of 96.53. Crude oil is expected to find its first resistance at 97.87, and a rise through could take it to the next resistance level of 98.33.
Crude oil is showing convergence with its 20 Hr moving average and is trading above the 50 Hr moving average.
