Crude Oil Movement
Crude Oil prices declined 0.36% against the USD for the 24 hour period ending 23:00GMT, closing at 93.75 after a report showed that industrial production in China, the world’s second largest consumer of crude oil, declined in December.
Oil prices also fell after the US and European Union (EU) indicated they are gradually lifting some sanctions against Iran after reports from international inspectors yesterday indicated that Tehran has suspended high-level enrichment of uranium under its deal with Western powers to scale back its nuclear program.
In the Asian session, at GMT0400, Crude Oil is trading at 93.89, 0.15% higher from yesterday’s close.
Crude oil is expected to find support at 93.54, and a fall through could take it to the next support level of 93.19. Crude oil is expected to find its first resistance at 94.13, and a rise through could take it to the next resistance level of 94.37.
Crude oil is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
