Crude Oil Movement
Oil prices declined 0.68% against the USD for the 24 hour period ending 23:00GMT, closing at 98.96, as lingering European debt concerns raised speculation that global fuel demand may falter.
OPEC’s Secretary General Abdalla El-Badri stated that the EU’s embargo on Iranian oil exports would add upward pressure to oil prices, even though there is no shortage of oil in the market.
Investors await the oil inventory report later today to offer direction to oil prices.
In the Asian session, at GMT0400, Crude Oil is trading at 99.39, 0.43% higher from yesterday’s close.
Crude oil is expected to find support at 98.67, and a fall through could take it to the next support level of 97.95. Crude oil is expected to find its first resistance at 99.87, and a rise through could take it to the next resistance level of 100.35.
Crude Oil is trading above its 20 Hr and 50 Hr moving averages.
