Crude Oil Movement
On Friday, Oil prices declined 0.67% against the USD for the 24 hour period ending 23:00GMT, closing at 95.78, amid demand concerns following weak industrial production data from China, its second biggest consumer.
Meanwhile, Saudi Arabia’s oil minister, Ali al-Naimi stated that crude supply outweighs demand by 1.3 million to 1.5 million barrels a day, as Saudi Arabia increased output in March to the highest level in more than three decades.
In the Asian session, at GMT0300, Crude Oil is trading at 95.38, 0.42% lower from Friday’s close.
Crude oil is expected to find support at 94.63, and a fall through could take it to the next support level of 93.89. Crude oil is expected to find its first resistance at 96.66, and a rise through could take it to the next resistance level of 97.95.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
