Crude Oil Movement
Oil prices advanced 0.11% against the USD for the 24 hour period ending 23:00GMT, closing at 93.55, as positive employment and trade balance data from the US boosted hopes for nation’s growth prospects and the energy demand outlook.
In the Asian session, at GMT0300, Crude Oil is trading at 93.23, 0.34% lower from yesterday’s close, after data showed that Chinese trade surplus fell in July.
Crude oil is expected to find support at 92.80, and a fall through could take it to the next support level of 92.36. Crude oil is expected to find its first resistance at 93.94, and a rise through could take it to the next resistance level of 94.64.
Crude oil is trading just below its 20 Hr and 50 Hr moving averages.
