Crude Oil Movement
Crude Oil prices declined 0.20% against the USD for the 24 hour period ending 23:00GMT, closing at 106.54.
In the Asian session, at GMT0300, Crude Oil is trading at 106.30, 0.23% lower from yesterday’s close, after Libya planned for increasing its oil production.
Market participants await oil demand forecast reports to get further hints on oil price movements. The US Energy Department, the International Energy Agency and the Organization of the Petroleum Exporting Countries release their latest assessment of the energy markets this week. Market participants expect some downward revisions in oil demand forecast, amid a slowdown in Chinese economy.
Also on the market tap, would be weekly US oil inventory reports by American Petroleum Institute and Energy Information Administration to be released today and tomorrow respectively.
Crude oil is expected to find support at 105.44, and a fall through could take it to the next support level of 104.57. Crude oil is expected to find its first resistance at 107.43, and a rise through could take it to the next resistance level of 108.55.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
