Crude Oil Movement
Crude Oil prices declined 2.00% against the USD for the 24 hour period ending 23:00GMT, closing at 93.10, amid lingering concerns over a pull-back in the Fed’s stimulus measures.
The commodity also faced some pressure after the Organisation of the Petroleum Exporting Countries (OPEC), in a report, stated that it now expects producers outside of the organization to boost oil supply by an additional 35,000 barrels a day, this year. However, the losses were capped after the organisation boosted its global demand forecast by 34,000 barrels a day, next year, but at the same time projected that global demand for OPEC crude would decline by 300,000 barrels a day, the following year.
In the Asian session, at GMT0400, Crude Oil is trading at 93.18, 0.09% higher from yesterday’s close.
Crude oil is expected to find support at 92.29, and a fall through could take it to the next support level of 91.39. Crude oil is expected to find its first resistance at 94.65, and a rise through could take it to the next resistance level of 96.11.
Weekly US supply data from the American Petroleum Institute (API) is due this afternoon, a day later than usual because of the Veterans Day holiday on Monday.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
