Crude Oil Movement
Crude Oil prices declined 0.36% against the USD for the 24 hour period ending 23:00GMT, closing at 102.58, amid broad gains in the US Dollar. Meanwhile, Iraq’s oil exports rose 8.0% in May and it inaugurated a terminal on Sunday to expand its oil shipping capacity by 800,000 barrels per day. However, earlier during the day, oil prices received some support after manufacturing activities in China, the world’s second largest consumer of crude oil, rose at the fastest pace in five-months in May.
In the Asian session, at GMT0300, Crude Oil is trading at 102.53, marginally lower from yesterday’s close.
Crude oil is expected to find support at 101.97, and a fall through could take it to the next support level of 101.41. Crude oil is expected to find its first resistance at 103.22, and a rise through could take it to the next resistance level of 103.91.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
