Crude Oil Movement
Oil prices declined 2.68% against the USD for the 24 hour period ending 23:00GMT, closing at 102.58, after European Central Bank (ECB) President, Mario Draghi refrained from pledging more liquidity-boosting measures and said the economic outlook in the region was subject to “downside risks”.
Additionally, a report from the Institute of Supply Management indicated that service sector activity in the US slowed to the lowest level in six months in April, further weighed on oil prices.
Separately, the head of Organization of Petroleum Exporting Countries (OPEC), Abdalla Salem el-Badri, stated that he remains worried about uncertain global economic growth, as oil market concerns shift from supply to demand.
In the Asian session, at GMT0300, Crude Oil is trading at 102.70, 0.12% higher from yesterday’s close.
Crude oil is expected to find support at 101.60, and a fall through could take it to the next support level of 100.49. Crude oil is expected to find its first resistance at 104.57, and a rise through could take it to the next resistance level of 106.43.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
