Crude oil Movement
Oil prices rose marginally against the USD for the 24 hour period ending 23:00GMT, closing at 96.43.
However, oil pared some of its gains, after Organization of the Petroleum Exporting Countries (OPEC), in its monthly report, stated that oil supplies are outpacing demand levels and it is pumping more oil to keep the world market satisfied. The agency revised its 2012 world oil demand outlook slightly upwards at 88.67 million barrels per day (bpd), up 0.90 million bpd from 2011.
In the Asian session, at GMT0300, Crude Oil is trading at 95.99, 0.46% lower from yesterday’s close.
Crude oil is expected to find support at 95.31, and a fall through could take it to the next support level of 94.63. Crude oil is expected to find its first resistance at 97.18, and a rise through could take it to the next resistance level of 98.37.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
