Crude Oil Movement
On Friday, Oil prices advanced 0.89% against the USD for the 24 hour period ending 23:00GMT, closing at 96.07, amid Middle-East concerns and following positive economic data from the US and Euro-zone.
On Friday, the American Petroleum Institute (API) in its monthly report stated that the US crude oil demand fell to the lowest level in almost four years in July, as the global economy remained weak.
In the Asian session, at GMT0300, Crude Oil is trading at 96.28, 0.22% higher from Friday’s close, after the White House’s plans to release emergency oil reserves was opposed by its Asian allies as well as the head of the International Energy Agency.
Crude oil is expected to find support at 95.37, and a fall through could take it to the next support level of 94.46. Crude oil is expected to find its first resistance at 96.80, and a rise through could take it to the next resistance level of 97.32.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
