Crude Oil Movement
Crude Oil prices declined 1.71% against the USD for the 24 hour period ending 23:00GMT, closing at 95.96, as political uncertainty in Spain and Italy dampened investor risk appetite.
In the Asian session, at GMT0400, Crude Oil is trading at 96.03, marginally higher from yesterday’s close, after HSBC/Markit services Purchasing Managers’ Index (PMI) in China climbed to a reading of 54.0 in January compared to a reading of 51.7 recorded last month.
However, investors await the US oil inventory data due later today and tomorrow to offer further guidance on oil prices.
Crude Oil is expected to find support at 95.40, and a fall through could take it to the next support level of 94.78. Crude Oil is expected to find its first resistance at 97.14, and a rise through could take it to the next resistance level of 98.26.
Crude Oil is trading below its 20 Hr and 50 Hr moving averages.
