Crude Oil Movement
Crude Oil prices declined 0.18% against the USD for the 24 hour period ending 23:00GMT, closing at 94.15, following a weak set of economic data from the Euro-zone and the US. However, losses were capped after talks between the United Nations’ nuclear agency and Iran stalled.
Yesterday the news emerged that the UN nuclear agency failed to persuade Iran to let it resume an investigation into suspected atomic bomb research, leaving the diplomacy talks in deadlock and reviving concerns about supply from the Middle East.
Also the US Energy Information Administration (EIA), in its weekly report stated that crude oil stocks fell by 624,000 barrels in the week ending May10, while market had expected for a decline of 330,000 barrels, suggesting greater demand than anticipated.
In the Asian session, at GMT0300, Crude Oil is trading at 94.03, 0.13% lower from yesterday’s close.
Crude oil is expected to find support at 92.63, and a fall through could take it to the next support level of 91.22. Crude oil is expected to find its first resistance at 94.94, and a rise through could take it to the next resistance level of 95.84.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
