Crude Oil Movement
Crude Oil prices advanced 0.96% against the USD for the 24 hour period ending 23:00GMT, closing at 94.07, amid news that top world oil exporter, Saudi Arabia had reduced production in response to declining demand and after data released yesterday indicated a surge in China’s December exports.
Saudi Arabia lowered its oil production by 700,000 barrels per day (bpd) to 9 million bpd during the last two months of 2012.
Meanwhile, yesterday in China, trade surplus widened to $31.6 billion December, from a $19.6 billion surplus in November
In the Asian session, at GMT0400, Crude Oil is trading at 93.84, 0.24% lower from yesterday’s close.
Crude oil is expected to find support at 93.27, and a fall through could take it to the next support level of 92.69. Crude oil is expected to find its first resistance at 94.56, and a rise through could take it to the next resistance level of 95.27.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
