Crude Oil Movement
Crude Oil prices declined 0.83% against the USD for the 24 hour period ending 23:00GMT, closing at 92.99, amid worries that oil demand could weaken after US Federal Reserve policy maker suggested the central bank may taper its bond buying program.
In the Asian session, at GMT0400, Crude Oil is trading at 92.87, 0.13% lower from yesterday’s close.
Crude oil is expected to find support at 92.29, and a fall through could take it to the next support level of 91.72. Crude oil is expected to find its first resistance at 93.87, and a rise through could take it to the next resistance level of 94.88.
Investors awaited news from a meeting beginning on Wednesday between Iran and world powers over ending its nuclear program that may provide insight on whether sanctions against Iran would be lifted and, if so, when.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
