Crude oil Movement
On Friday, Oil prices declined 1.72% against the USD for the 24 hour period ending 23:00GMT, closing at 91.07, amid demand concern.
The American Petroleum Institute (API), in its monthly report, stated that total US oil demand through the first 4 months for 2012 are down 1.8% from the same period in 2011.
Meanwhile, the G-8 leaders stated that they are monitoring the global oil market closely and stand ready to call upon the International Energy Agency (IEA) to take appropriate action to ensure that the market is fully and timely supplied.
In the Asian session, at GMT0300, Crude Oil is trading at 91.87, 0.88% higher from Friday’s close, after Iran stated that it would not abandon its nuclear program, and after China’s government pledged to boost the nation’s economy.
Over the weekend, Chinese Premier, Wen Jiabao stated that the nation would give priority to growth as it continues to implement a proactive fiscal policy and a prudent monetary policy.
Crude oil is expected to find support at 90.85, and a fall through could take it to the next support level of 89.83. Crude oil is expected to find its first resistance at 92.88, and a rise through could take it to the next resistance level of 93.89.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
