Crude Oil Movement
Crude Oil prices declined 0.34% against the USD for the 24 hour period ending 23:00GMT, closing at 106.67, amid easing concerns on the supply-outlook of the commodity arising from violence-wracked Iraq and as the Energy Information Administration (EIA) reported that US crude inventories rose by 1.74 million barrels to 388.0 million barrels for the week ended 20 June 2014. Analysts had forecasted a decline of 2.0 million barrels, last week. Meanwhile, reports from Iraq highlighted Prime Minister, Nouri al-Maliki’s denial to relinquish power and allow the formation of a new government.
In the Asian session, at GMT0300, Crude Oil is trading at 106.55, 0.11% lower from yesterday’s close.
Crude oil is expected to find support at 105.73, and a fall through could take it to the next support level of 104.91. Crude oil is expected to find its first resistance at 107.11, and a rise through could take it to the next resistance level of 107.67.
Crude oil is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
