Crude Oil Movement
Crude Oil prices declined 2.65% against the USD for the 24 hour period ending 23:00GMT, closing at 101.88, amid reports that oil supplies were not affected much due to the continuous violence in Iraq, Ukraine and Gaza.
Yesterday, the American Petroleum Institute revealed that crude oil stockpiles fell 555,000-barrels last week to 374.7 million barrels.
In the Asian session, at GMT0300, Crude Oil is trading at 102.09, 0.21% higher from yesterday’s close.
Crude oil is expected to find support at 100.92, and a fall through could take it to the next support level of 99.76. Crude oil is expected to find its first resistance at 104.12, and a rise through could take it to the next resistance level of 106.16.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
