Crude Oil Movement
On Friday, Oil prices advanced 1.80% against the USD for the 24 hour period ending 23:00GMT, closing at 96.38.
In Iraq, oil ministry officials stated that nation’s oil exports reached their highest level in more than three decades in July as the country’s output has continued to increase.
In the Asian session, at GMT0300, Crude Oil is trading at 96.29, 0.09% lower from Friday’s close, after Chinese data pointed to a further slowdown in the nation’s economy.
Crude oil is expected to find support at 94.91, and a fall through could take it to the next support level of 93.54. Crude oil is expected to find its first resistance at 97.29, and a rise through could take it to the next resistance level of 98.30.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
