Crude Oil Movement
Oil prices declined 0.19% against the USD for the 24 hour period ending 23:00GMT, closing at 98.76, as the International Energy Agency trimmed demand for oil.
The International Energy Agency on Thursday cut its forecast for crude oil demand for 2012, on the back of recent surge in petroleum prices and weakening growth prospects for developed nations.
At GMT 0300, Oil is trading at USD 98.73 per barrel in the Asian session, 0.03% lower from 23:00GMT.
The pair has its first resistance at 101.06, followed by the next resistance at 103.38. On the other side, the first support is at 95.83, with the subsequent support at 92.92.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
