Crude Oil Movement
Crude Oil prices declined 0.26% against the USD for the 24 hour period ending 23:00GMT, closing at 94.12, after the Organization of Petroleum Exporting Countries (OPEC), in its monthly report, projected the demand for OPEC oil to decline by 300,000 barrels per day in 2014. The report also confirmed that production from OPEC member states slid by 20,000 barrels a day to 29.44 million in December amid declines in Iraq and Saudi Arabia. Analysts had expected the output to edge higher by 20,000 barrels.
In the Asian session, at GMT0400, Crude Oil is trading at 93.98, 0.15% lower from yesterday’s close.
Crude oil is expected to find support at 93.51, and a fall through could take it to the next support level of 93.03. Crude oil is expected to find its first resistance at 94.55, and a rise through could take it to the next resistance level of 95.11.
Crude oil is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
