Crude Oil Movement
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Oil prices declined 0.21% against the USD for the 24 hour period ending 23:00GMT, closing at 105.46, amid news that the US and the UK would release oil from their existing stockpiles, including the US Strategic Petroleum Reserve (SPR), in an effort to prevent rise in fuel prices. However, the US administration quickly announced that the news release was false resulting in oil prices rebounding.
In the Asian session, at GMT0400, Crude Oil is trading at 105.62, 0.15% higher from yesterday’s close.
Crude oil is expected to find support at 104.21, and a fall through could take it to the next support level of 102.79. Crude oil is expected to find its first resistance at 106.61, and a rise through could take it to the next resistance level of 107.59.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
