Crude oil Movement
Oil prices advanced 2.21% against the USD for the 24 hour period ending 23:00GMT, closing at 92.93, after Iran stated that it would not abandon its nuclear program and ahead of Wednesday’s discussions between Iranian officials and six world powers over Iran’s nuclear program and impending international sanctions.
In the Asian session, at GMT0300, Crude Oil is trading at 92.58, 0.38% lower from yesterday’s close.
Investors await the oil inventory reports later today and tomorrow to offer guidance to oil prices.
Crude oil is expected to find support at 91.67, and a fall through could take it to the next support level of 90.75. Crude oil is expected to find its first resistance at 93.28, and a rise through could take it to the next resistance level of 93.97.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
