Crude Oil Movement
Crude Oil prices declined 0.26% against the USD for the 24 hour period ending 23:00GMT, closing at 103.16, as a deadlock in the US budget talks raised concerns over the demand outlook of the commodity.
In the Asian session, at GMT0300, Crude Oil is trading at 103.07, 0.09% lower from yesterday’s close. Investors are expected to keep a close watch on American Petroleum Institute’s (API) report on the US crude inventory, scheduled to release later during the day, for further guidance.
Crude oil is expected to find support at 102.04, and a fall through could take it to the next support level of 101.01. Crude oil is expected to find its first resistance at 103.92, and a rise through could take it to the next resistance level of 104.77.
Crude oil is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
