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Categorized | Forex News

Crude Oil: Oil down on demand concerns, trading higher this morning

Posted on20 May 2012. Tags: , , ,

Crude oil

Crude oil Movement

Oil prices declined 0.23% against the USD for the 24 hour period ending 23:00GMT, closing at 92.66, on demand concerns amid rising Euro-zone crises fear and after the US jobless claims remain unchanged at 370,000 in the week ended May 12.

In the Asian session, at GMT0300, Crude Oil is trading at 92.73, 0.08% higher from yesterday’s close.

Crude oil is expected to find support at 91.92, and a fall through could take it to the next support level of 91.11. Crude oil is expected to find its first resistance at 93.71, and a rise through could take it to the next resistance level of 94.69.

Crude oil is trading below its 20 Hr and 50 Hr moving averages.