Crude Oil Movement
Oil prices declined 0.50% against the USD for the 24 hour period ending 23:00GMT, closing at 101.32, after reports showed that German industrial production declined and as concerns eased that Iran would block crude shipments from the Persian Gulf.
In the Asian session, at GMT0400, Crude Oil is trading at 101.69, 0.37% higher from yesterday’s close.
Crude oil is expected to find support at 100.51, and a fall through could take it to the next support level of 99.32. Crude oil is expected to find its first resistance at 102.47, and a rise through could take it to the next resistance level of 103.24.
Crude Oil is trading just above its 20 Hr and 50 Hr moving averages.
