Crude Oil Movement
On Friday, Crude Oil prices advanced marginally against the USD for the 24 hour period ending 24:00GMT, closing at 95.97, amid speculation that the global economic recovery will boost fuel demand. Additionally, tensions in the oil-producing Middle East remained, supporting crude oil prices.
In the Asian session, at GMT0400, Crude Oil is trading at 95.93, marginally lower from Friday’s close.
Oil prices are higher this morning, as Chinese government think tank, the Chinese Academy of Social Sciences, over the weekend indicated that it expects the nation to grow 8.4% this year, well ahead of the rate of 7.5% traders have wanted the government to reiterate. Additionally, data released this morning revealed that industrial profits in China rose 17.3% (YoY) in December, while the Japanese Cabinet Office indicated that the nation’s economy will likely grow 2.5% in 2013/14 fiscal year starting in April.
Crude oil is expected to find support at 95.39, and a fall through could take it to the next support level of 94.84. Crude oil is expected to find its first resistance at 96.52, and a rise through could take it to the next resistance level of 97.10.
Crude Oil is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
