Crude Oil Movement
Crude Oil prices declined 0.15% against the USD for the 24 hour period ending 23:00GMT, closing at 107.03, amid uncertainty over when the US Federal Reserve would scale back its bond-buying program. However, unrest in Egypt and reduced oil supply from Libya kept losses limited.
The American Petroleum Institute and the Energy Information Administration are scheduled to release the US oil inventory data today and tomorrow respectively.
In the Asian session, at GMT0300, Crude Oil is trading at 106.96, tad lower from yesterday’s close.
Crude oil is expected to find support at 106.41, and a fall through could take it to the next support level of 105.87. Crude oil is expected to find its first resistance at 107.65, and a rise through could take it to the next resistance level of 108.35.
Crude oil is showing convergence with its 20 Hr moving average and is trading below 50 Hr moving average.
