Crude Oil prices declined 0.35% against the USD for the 24 hour period ending 23:00GMT, closing at 95.87, as concerns over weak Chinese economic data released over the weekend, outweighed Standard & Poor’s decision to revise its positive outlook on the US.
In the Asian session, at GMT0300, Crude Oil is trading at 95.89, marginally higher from yesterday’s close.
Investors keenly eye the oil inventory reports due later today and tomorrow to offer guidance to oil prices.
Crude oil is expected to find support at 95.31, and a fall through could take it to the next support level of 94.74. Crude oil is expected to find its first resistance at 96.34, and a rise through could take it to the next resistance level of 96.80.
Crude Oil is showing convergence with its 20 Hr and 50 Hr moving averages.