Crude Oil Movement
Crude Oil prices advanced 1.07% against the USD for the 24 hour period ending 23:00GMT, closing at 95.19, on positive economic reports in the US.
Strong reports on housing starts and fewer unemployment claims made traders more optimistic about the US economy. The situation in Algeria also gave a boost to oil prices, after Algerian forces launched a raid to free hostages being held by militants at a remote natural gas facility.
In the Asian session, at GMT0400, Crude Oil is trading at 95.35, 0.17% higher from yesterday’s close.
In China, the Gross Domestic Product rose 7.9% in fourth quarter of 2012, higher than market consensus of a 7.8% expansion and compared to a 7.4% growth reported in the third quarter of 2012. Additionally, industrial production increased more-than-forecast by 10.3% (YoY) in December, while retail sales advanced 15.2% annually for the same month.
Crude Oil is expected to find support at 94.09, and a fall through could take it to the next support level of 92.82. Crude oil is expected to find its first resistance at 96.33, and a rise through could take it to the next resistance level of 97.30.
Crude Oil is trading above its 20 Hr and 50 Hr moving average.
