Crude Oil Movement
Crude Oil prices declined 3.06% against the USD for the 24 hour period ending 23:00GMT, closing at 91.44. The American Petroleum Institute (API) reported a mild drop of 463,000 barrels in the US crude inventories last week.
In the Asian session, at GMT0300, the pair is trading at 91.42, with the oil trading marginally lower from yesterday’s close.
The pair is expected to find support at 89.8867, and a fall through could take it to the next support level of 88.3533. The pair is expected to find its first resistance at 93.9267, and a rise through could take it to the next resistance level of 96.4333.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
