Crude Oil Movement
Crude Oil prices advanced marginally against the USD for the 24 hour period ending 23:00GMT, closing at 92.81, buoyed by upbeat US spending and housing data and amid reports that ongoing violence in Libya is hampering oil production in the North African nation. Libya’s oil minister said production interruptions have cost the country $1 billion a month for the past five months.
In the Asian session, at GMT0300, Crude Oil is trading at 94.38, 1.69% higher from yesterday’s close.
Investors await the US crude oil inventories data by the American Petroleum Institute, due later today and the Energy Information Administration stockpile report due tomorrow.
Crude oil is expected to find support at 93.03, and a fall through could take it to the next support level of 91.68. Crude oil is expected to find its first resistance at 95.21, and a rise through could take it to the next resistance level of 96.04.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
