Crude Oil Movement
Oil prices declined 0.27% against the USD for the 24 hour period ending 23:00GMT, closing at 100.29, on speculation that fuel demand would falter amid a slowdown in the US economic recovery and Europe’s continuing debt crisis.
Investors await the oil inventory reports later in the week to offer guidance to oil prices.
At GMT 0300, Oil is trading at USD 101.26 per barrel in the Asian session, 0.97% higher from yesterday’s close at 23:00GMT.
The pair has its first resistance at 101.90, followed by the next resistance at 102.54. On the other side, the first support is at 100.17, with the subsequent support at 99.08.
The pair is trading just above its 20 Hr and its 50 Hr moving averages.
