Crude Oil Movement
On Friday, Crude Oil prices declined 1.28% against the USD for the 24 hour period ending 24:00GMT, closing at 96.06, as investor sentiment dented after US factory production slowed in January.
Meanwhile, data released over the weekend revealed that Saudi Arabia and Iraq reduced its oil exports in December. Iraqi oil exports plunged 10% to 2.35 million barrels per day in December while Saudi Arabia’s shipments fell 1.3% to 7.06 million barrels per day.
Investors are looking ahead to a meeting between Iran and major world powers on February 26 for any progress on deadlocked talks on Tehran’s nuclear programme.
In the Asian session, at GMT0400, Crude Oil is trading at 95.64, 0.44% lower from Friday’s close.
Crude oil is expected to find support at 94.74, and a fall through could take it to the next support level of 93.85. Crude oil is expected to find its first resistance at 97.00, and a rise through could take it to the next resistance level of 98.37.
Crude Oil is trading below its 20 Hr and 50 Hr moving averages.
