Crude Oil Movement
Oil prices declined 0.22% against the USD for the 24 hour period ending 23:00GMT, closing at 97.14, as warning from Moody’s Investors Service over France’s credit rating and investors’ expectations that the US supercommittee has failed to reach a deficit-reduction agreement, diminished prospects for oil demand.
Investors await the oil inventory reports later today and tomorrow to offer guidance to oil prices.
In the Asian session, at GMT0400, Crude Oil is trading at 96.58, 0.58% lower from yesterday’s close.
Crude oil is expected to find support at 95.26, and a fall through could take it to the next support level of 93.94. Crude oil is expected to find its first resistance at 97.88, and a rise through could take it to the next resistance level of 99.18.
Crude Oil is trading between its 20 Hr and 50 Hr moving averages.
