Crude Oil Movement
Crude Oil prices advanced 1.27% against the USD for the 24 hour period ending 23:00GMT, closing at 93.02, as geo-political tensions re-escalated following reports that the US would impose fresh sanctions on Russia. Meanwhile, the International Energy Agency (IEA) cut global oil demand outlook for 2015, citing slowing demand in Europe and China.
In the Asian session, at GMT0300, the pair is trading at 92.95, with the EUR trading 0.08% lower from yesterday’s close.
The pair is expected to find support at 91.1067, and a fall through could take it to the next support level of 89.2633. The pair is expected to find its first resistance at 94.1167, and a rise through could take it to the next resistance level of 95.2833.
The Crude oil is trading above its 20 Hr and 50 Hr moving averages.
