Crude Oil Movement
Crude Oil prices declined 1.91% against the USD for the 24 hour period ending 23:00GMT, closing at 94.85, geopolitical tensions in Ukraine, Iraq and Libya faded. Meanwhile, the US President Barack Obama stated that the US army will continue with its airstrikes, providing support to Iraqi and Kurdish forces, though oil shipments from Iraq will continue uninterruptedly.
Yesterday, data from the American Petroleum Institute (API) reported that data showed a 1.4-million-barrel decline in crude stocks in the past week.
In the Asian session, at GMT0300, Crude Oil is trading at 94.97, 0.13% higher from yesterday’s close.
Crude oil is expected to find support at 93.8, and a fall through could take it to the next support level of 92.64. Crude oil is expected to find its first resistance at 96.59, and a rise through could take it to the next resistance level of 98.22.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
