Crude Oil Movement
Crude Oil prices declined 1.35% against the USD for the 24 hour period ending 23:00GMT, closing at 100.79, as weekly oil inventory data from the American Petroleum Institute released on Wednesday showed that stocks rose for the first time since early July. Oil prices also fell, amid signs of progress in talks over Iran’s nuclear program.
In the Asian session, at GMT0300, Crude Oil is trading at 100.77, tad lower from yesterday’s close, as oil traders engaged in trimming their positions.
Crude oil is expected to find support at 99.77, and a fall through could take it to the next support level of 98.77. Crude oil is expected to find its first resistance at 102.03, and a rise through could take it to the next resistance level of 103.29.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
