Crude Oil Movement
Crude Oil prices declined 0.12% against the USD for the 24 hour period ending 23:00GMT, closing at 103.69, on profit-booking. However, earlier during the day, oil prices rose amid lingering tensions on Libya’s supply-outlook and as data showed that activities in China’s manufacturing sector rose at the fastest pace in five months in May.
In the Asian session, at GMT0300, Crude Oil is trading at 103.75, 0.06% higher from yesterday’s close.
Crude oil is expected to find support at 103.46, and a fall through could take it to the next support level of 103.17. Crude oil is expected to find its first resistance at 104.13, and a rise through could take it to the next resistance level of 104.51.
Crude oil is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
