Crude Oil Movement
Crude Oil prices traded flat against the USD for the 24 hour period ending 23:00GMT, closing at 96.27.
The Saudi Arabia Oil Minister, Ali al-Naimi, stated that nation is concerned about high oil prices and would take steps to moderate them.
Investors await the oil inventory reports later today and tomorrow to offer guidance to oil prices. Moreover, investors would also focus on OPEC’s monthly report due later today.
In the Asian session, at GMT0300, Crude Oil is trading at 96.36, 0.09% higher from yesterday’s close.
Crude oil is expected to find support at 95.59, and a fall through could take it to the next support level of 94.82. Crude oil is expected to find its first resistance at 96.88, and a rise through could take it to the next resistance level of 97.40.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
