Crude Oil Movement
Crude Oil prices declined 1.19% against the USD for the 24 hour period ending 23:00GMT, closing at 103.12, as discouraging consumer confidence data from the US and worries over a slowdown in China faded energy-demand outlook.
Late yesterday, the American Petroleum Institute reported that the US crude inventories decreased by 740,000 barrels for the week ended July 26.
In the Asian session, at GMT0300, Crude Oil is trading at 103.36, 0.23% higher from yesterday’s close.
Crude oil is expected to find support at 102.54, and a fall through could take it to the next support level of 101.71. Crude oil is expected to find its first resistance at 104.32, and a rise through could take it to the next resistance level of 105.27.
Crude oil is showing convergence with its 20 Hr moving average and is trading below 50 Hr moving average.
