Oil prices declined 0.65% against the USD for the 24 hour period ending 23:00GMT, closing at 103.15, as fears over the health of the Euro-zone economies and political uncertainty countered worries over a production stoppage in the North Sea and potential supply disruptions from Iran.
In the Asian session, at GMT0300, Crude Oil is trading at 103.08, 0.07% lower from yesterday’s close.
Separately, investors await the oil inventory reports later today and tomorrow to offer guidance to oil prices.
Crude oil is expected to find support at 101.98, and a fall through could take it to the next support level of 100.88. Crude oil is expected to find its first resistance at 104.03, and a rise through could take it to the next resistance level of 104.98.
Crude oil is showing convergence with its 50 Hr moving average and is trading above its 20 Hr moving average.