Crude Oil Movement
On Friday, Crude Oil prices advanced 0.13% against the USD for the 24 hour period ending 24:00GMT, closing at 95.31, as the International Energy Agency (IEA) raised its forecast for oil demand in the FY2013 and as China’s economy grew more-than-expected in the Q4 FY2012.
In its monthly report, the IEA raised its forecast for oil demand for 2013 by 240,000 barrels a day to 90.8 million barrels a day, citing expectations of higher demand from China, the world’s second largest oil consumer. However, it cautioned that the global oil market has suddenly tightened, and the deadly hostage drama at a gas field in Algeria has put a “dark cloud” over the country’s entire energy sector.
In the Asian session, at GMT0400, Crude Oil is trading at 95.17, 0.15% lower from Friday’s close.
Crude Oil is expected to find support at 94.83, and a fall through could take it to the next support level of 94.49. Crude oil is expected to find its first resistance at 95.59, and a rise through could take it to the next resistance level of 96.01.
Crude Oil is trading between its 20 Hr and 50 Hr moving averages.
