Crude Oil Movement
Oil prices declined 1.22% against the USD for the 24 hour period ending 23:00GMT, closing at 95.65, on speculation that the Tropical Storm Isaac’s impact on output in the Gulf of Mexico would be limited.
Meanwhile, investors focus on the data on crude oil inventories from the American Petroleum Institute later today, followed by the Energy Information Administration US oil stockpile report on Wednesday.
In the Asian session, at GMT0300, Crude Oil is trading at 95.41, 0.25% lower from yesterday’s close.
Crude oil is expected to find support at 94.02, and a fall through could take it to the next support level of 92.63. Crude oil is expected to find its first resistance at 97.19, and a rise through could take it to the next resistance level of 98.97.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
