Crude Oil Movement
Oil prices fell 0.94% against the USD for the 24 hour period ending 23:00GMT, closing at 94.99, amid concerns over weakening demand due to Europe’s mounting debt crisis, while signs of weakening crude-oil demand emerged from China.
Data from China showed that June oil imports fell to their lowest level in eight months. Imports fell 5.7% from the previous month to 4.81 million barrels per day.
At GMT 0300, Oil is trading at USD 94.49 per barrel in the Asian session, 0.53% lower from 23:00GMT.
The pair has its first resistance at 95.61, followed by the next resistance at 96.72. On the other side, the first support is at 93.76, with the subsequent support at 93.02.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
