Crude Oil Movement
Crude Oil prices declined 1.28% against the USD for the 24 hour period ending 23:00GMT, closing at 91.63, as prospects for oversupply of as much as 1 million bpd of Iranian oil in the global markets increased, after Iran and world powers agreed to implement a program later this month to curb Tehran’s nuclear program. Further, rebound in Libyan oil production also pushed oil prices lower.
In the Asian session, at GMT0400, Crude Oil is trading at 92.02, 0.43% higher from yesterday’s close.
Crude oil is expected to find support at 91.47, and a fall through could take it to the next support level of 90.93. Crude oil is expected to find its first resistance at 92.52, and a rise through could take it to the next resistance level of 93.03.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
