Crude Oil Movement
Oil prices declined 0.98% against the USD for the 24 hour period ending 23:00GMT, closing at 98.78.
Yesterday, International Energy Agency stated that the world oil market urgently needs extra supplies to prevent economic damage to importing countries that could derail the global recovery.
At GMT 0300, Oil is trading at USD98.97 per barrel in the Asian session, 0.19% higher from 23:00GMT.
The pair has its first resistance at 100.45, followed by the next resistance at 101.94. On the other side, the first support is at 97.82, with the subsequent support at 96.68.
The pair is showing convergence with its 20 Hr moving average and 50 Hr moving average.
