Crude Oil Movement
Crude Oil prices advanced marginally against the USD for the 24 hour period ending 23:00GMT, closing at 95.11, as better-than-expected economic data from the US and an assurance from a People’s Bank of China official to address the nation’s credit squeeze soothed investor sentiment.
Separately, weekly data from the American Petroleum Institute indicated that crude stock piles in the US slid 28,000 barrels in the week ending 21 June to 392 million.
In the Asian session, at GMT0300, Crude Oil is trading at 94.78, 0.35% lower from yesterday’s close.
Crude oil is expected to find support at 94.19, and a fall through could take it to the next support level of 93.60. Crude oil is expected to find its first resistance at 95.77, and a rise through could take it to the next resistance level of 96.76.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
