Crude Oil Movement
Crude Oil prices declined 1.08% against the USD for the 24 hour period ending 23:00GMT, closing at 93.46, as investors risk appetite decreased following comments from the European Central Bank’s President on downside risks to the region’s economic recovery. Oil prices also fell amid a rise in the US initial claims for jobless benefits.
In the Asian session, at GMT0300, Crude Oil is trading at 93.33, 0.13% lower from yesterday’s close.
Crude oil is expected to find support at 92.02, and a fall through could take it to the next support level of 90.71. Crude oil is expected to find its first resistance at 94.74, and a rise through could take it to the next resistance level of 96.15.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
