Crude Oil Movement
Crude Oil prices declined 0.88% against the USD for the 24 hour period ending 23:00GMT, closing at 99.33, after disappointing US home sales figures reignited fears of the outlook of the nation, lead to a speculation that the demand of fuel and energy would fall. Additionally, the reports that Libyan output is on the mend after facing shortages due to protesters disrupting production sent prices falling on expectations that global supply will rise.
In the Asian session, at GMT0400, Crude Oil is trading at 99.30, marginally lower from yesterday’s close.
Crude oil is expected to find support at 98.81, and a fall through could take it to the next support level of 98.33. Crude oil is expected to find its first resistance at 100.10, and a rise through could take it to the next resistance level of 100.91.
Crude oil is trading below its 20 Hr and 50 Hr moving average.
