Crude Oil Movement
Crude Oil prices advanced 1.18% against the USD for the 24 hour period ending 23:00GMT, closing at 93.83.
Earlier, oil prices came under pressure after news of taxing bank accounts in debt-laden Cyprus raised fears of further turmoil in the Euro-zone. However, investor concerns eased and oil prices rebounded after the Saudi Arabian oil minister, Ali al-Naimi stated that current oil prices would not damage global economic growth. Moreover, oil prices were further pushed higher as armed clashes broke out at an oil field belonging to Libya’s Waha Oil.
In the Asian session, at GMT0400, Crude Oil is trading at 93.80, marginally lower 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 92.39, and a fall through could take it to the next support level of 90.98. Crude oil is expected to find its first resistance at 94.58, and a rise through could take it to the next resistance level of 95.36.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
