Crude Oil Movement
Crude Oil prices declined 1.04% against the USD for the 24 hour period ending 23:00GMT, closing at 106.04, amid looming speculations that violence in Iraq would not affect the nation’s oil supply. Late Monday, reports showed that oil exports from Iraq were near record high level of around 2.53 million barrels per day in June. Additionally, oil prices also came under pressure as lacklustre manufacturing PMI data from the Euro-zone and its member nations spurred fresh concerns on the demand-outlook of the commodity in the region.
In the Asian session, at GMT0300, Crude Oil is trading at 105.66, 0.36% lower from yesterday’s close.
Crude oil is expected to find support at 104.82, and a fall through could take it to the next support level of 103.97. Crude oil is expected to find its first resistance at 106.94, and a rise through could take it to the next resistance level of 108.21.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
