Crude Oil Movement
Crude Oil prices advanced 1.13% against the USD for the 24 hour period ending 23:00GMT, closing at 94.78, as prospects for oil started to look brighter after Cyprus secured a €10 billion bailout financing and avoided economic collapse.
Separately, the Saudi Arabian Oil Minister, Ali Al Naimi stated that prices of $100 per barrel are reasonable for both consumers and producers.
In the Asian session, at GMT0400, Crude Oil is trading at 94.82, marginally higher from yesterday’s close.
Investors await the oil inventory data due later today and tomorrow, to offer further guidance on oil prices.
Crude Oil is expected to find support at 94.00, and a fall through could take it to the next support level of 93.19. Crude oil is expected to find its first resistance at 95.64, and a rise through could take it to the next resistance level of 96.47.
Crude Oil is trading above its 20 Hr and 50 Hr moving average.
