Crude Oil Movement
Crude Oil prices declined 0.24% against the USD for the 24 hour period ending 23:00GMT, closing at 105.28, amid mounting speculations that ongoing unrest in Iraq and Ukraine would not impact oil supplies from the respective regions. However, losses in crude oil prices were kept in check after reports from China revealed that manufacturing activities in the world’s second largest consumer of crude oil expanded in June. In addition, the American Petroleum Institute (API) reported 876,000 barrels fall in the US crude inventories last week to 381.7 million.
In the Asian session, at GMT0300, Crude Oil is trading at 105.38, 0.09% higher from yesterday’s close.
Crude oil is expected to find support at 104.62, and a fall through could take it to the next support level of 103.87. Crude oil is expected to find its first resistance at 106.11, and a rise through could take it to the next resistance level of 106.85.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
