Crude Oil Movement
Crude Oil prices declined 0.12% against the USD for the 24 hour period ending 23:00GMT, closing at 103.26 amid mounting concerns over China’s demand outlook. However, lingering tension in Ukraine kept the commodity’s losses in check. Oil prices also found some support from Organization of the Petroleum Exporting Countries’ (OPEC) monthly report that indicated more than a half-million barrels a day fall in its oil production last month to 29.6 million barrels. It further stated that at present crude prices are stable and the market has ample supply to meet demand, despite geopolitical unrest in Europe and the Middle East. Additionally, the agency also raised its projections on non-OPEC supply growth this year and left its 2014 demand outlook for OPEC oil relatively unchanged.
In the Asian session, at GMT0300, Crude Oil is trading at 103.24, tad lower from yesterday’s close.
Crude oil is expected to find support at 102.96, and a fall through could take it to the next support level of 102.67. Crude oil is expected to find its first resistance at 103.67, and a rise through could take it to the next resistance level of 104.09.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
