Crude Oil Movement
Crude Oil prices declined 0.39% against the USD for the 24 hour period ending 23:00GMT, closing at 103.41, as geopolitical concerns in Iraq and Libya receded. However, oil prices rose for a brief period of time, after the API reported that US crude stockpiles declined 1.7 million barrels for the week ended July 4.
Meanwhile, the EIA in its monthly report lifted its average projections for its 2014 and 2015 average price estimates for crude oil, gasoline and natural gas. The agency further indicated that the crude oil production is the US is estimated to increase from an estimated 7.4 million barrels per day in 2013 to 8.5 million bpd in 2014 and 9.3 million bpd in 2015. Additionally, it downgraded its expectations for the growth of global oil demand in 2014, while rose its expectations for supply from non-OPEC producers this year.
In the Asian session, at GMT0300, Crude Oil is trading at 103.43, marginally higher from yesterday’s close.
Crude oil is expected to find support at 103.06, and a fall through could take it to the next support level of 102.68. Crude oil is expected to find its first resistance at 103.94, and a rise through could take it to the next resistance level of 104.44.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
