Crude Oil Movement
Crude Oil prices declined 1.11% against the USD for the 24 hour period ending 23:00GMT, closing at 102.05, reversing its previous session’s gains triggered by an unexpected sharp decline in US weekly crude stockpiles and an upbeat manufacturing PMI data from China.
In the Asian session, at GMT0300, Crude Oil is trading at 101.93, 0.12% lower from yesterday’s close.
Crude oil is expected to find support at 101.48, and a fall through could take it to the next support level of 101.04. Crude oil is expected to find its first resistance at 102.77, and a rise through could take it to the next resistance level of 103.62.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
