Crude Oil Movement
On Friday, Oil prices declined 0.60% against the USD for the 24 hour period ending 23:00GMT, closing at 91.54.
The American Petroleum Institute (API), in its monthly report, stated that petroleum consumption in June declined 3% from a year ago to 18.691 million barrels per day. Additionally, it stated that demand was down 2.6% for the first half of the year from the same period in 2011.
In the Asian session, at GMT0300, Crude Oil is trading at 90.51, 1.13% lower from Friday’s close, amid speculation that fuel demand would falter as China’s economy slows and as Europe struggles to control its debt crisis
Crude oil is expected to find support at 89.89, and a fall through could take it to the next support level of 89.26. Crude oil is expected to find its first resistance at 91.72, and a rise through could take it to the next resistance level of 92.92.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
