Crude Oil Movement
On Friday, Crude Oil prices declined 0.82% against the USD for the period ending 21:00GMT, closing at 104.66.
In the Asian session, at GMT0300, Crude Oil is trading at 104.40, 0.25% lower from Friday’s close.
Over the weekend, Saudi Prince, Alwaleed bin Talal signalled that it would not increase production capacity as planned because demand is waning.
Crude oil is expected to find support at 103.66, and a fall through could take it to the next support level of 102.91. Crude oil is expected to find its first resistance at 105.39, and a rise through could take it to the next resistance level of 106.37.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
