Crude Oil Movement
Crude Oil prices declined 0.40% against the USD for the 24 hour period ending 23:00GMT, closing at 97.37, after three eminent Fed officials stated that the central bank could begin tapering down its stimulus program at its meeting next week.
In the Asian session, at GMT0400, Crude Oil is trading at 97.61, 0.25% higher from yesterday’s close.
Crude oil is expected to find support at 97.15, and a fall through could take it to the next support level of 96.69. Crude oil is expected to find its first resistance at 98.02, and a rise through could take it to the next resistance level of 98.43.
The American Petroleum Institute is scheduled to release a report on the US crude stockpiles, later today. Also later during the day, Eastern Libya’s Al Magharba tribe would discuss the reopening of closed oil export terminals, Es Sider and Ras Lanuf, which has a combined capacity of 600,000 barrels a day.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
