Crude Oil Movement
On Friday, Crude Oil prices declined 1.46% against the USD for the 24 hour period ending 23:00GMT, closing at 91.11, after the International Energy Agency (IEA) trimmed its forecasts for 2012 and 2013 oil demand by 100,000 barrels a day for each year from forecasts made in September.
Meanwhile, tension between Turkey and Syria intensified. Turkey banned all Syrian aircraft from its air space as it takes an increasingly firm stance against President Bashar al-Assad, while Syrian rebels indicated on Sunday they had made more gains in a key province near the Turkish border.
In the Asian session, at GMT0300, Crude Oil is trading at 91.05, 0.07% lower from Friday’s close.
Crude oil is expected to find support at 90.37, and a fall through could take it to the next support level of 89.68. Crude oil is expected to find its first resistance at 92.19, and a rise through could take it to the next resistance level of 93.32.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
