Crude Oil Movement
Oil prices declined 0.95% against the USD for the 24 hour period ending 23:00GMT, closing at 82.54.
Yesterday, the International Energy Agency (IEA) forecasted growth in 2012 oil demand to remain flat at 0.8 million barrels per day. Separately, the agency stated that the Organization of the Petroleum Exporting Countries (OPEC) supply declined in May to 31.86 mbd from 31.89 mbd in April with reduced output from Saudi Arabia and Iraq.
Meanwhile, the Energy Information Administration (EIA) reported that the US crude oil inventories decreased by 200,000 barrels to 384.40 million barrels for the week ended June 8. Gasoline inventories fell 1.70 million barrels, while distillate inventories fell 100,000 million barrels in the week.
In the Asian session, at GMT0300, Crude Oil is trading at 82.78, 0.29% higher from yesterday’s close.
Crude oil is expected to find support at 81.95, and a fall through could take it to the next support level of 81.13. Crude oil is expected to find its first resistance at 83.80, and a rise through could take it to the next resistance level of 84.83.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
