Crude Oil Movement
Crude Oil prices declined 1.08% against the USD for the 24 hour period ending 23:00GMT, closing at 93.47, after the International Energy Agency once again lowered its outlook for global oil demand in 2013, citing weaker fuel usage in industries.
In the Asian session, at GMT0300, Crude Oil is trading at 93.37, 0.11% lower from yesterday’s close.
Crude oil is expected to find support at 92.74, and a fall through could take it to the next support level of 92.11. Crude oil is expected to find its first resistance at 94.32, and a rise through could take it to the next resistance level of 95.27.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
