Crude Oil Movement
Crude Oil prices traded flat against the USD for the 24 hour period ending 23:00GMT, closing at 93.41. However, during the day oil prices came under pressure as geopolitical tensions escalated in the Middle East and Ukraine. Additionally, weak economic data reported by the US and Europe also contributed to crude oil’s slide, adding to worries over global supply out-stripping demand.
In the Asian session, at GMT0300, Crude Oil is trading at 93.55, 0.15% higher from yesterday’s close.
Crude oil is expected to find support at 93.08, and a fall through could take it to the next support level of 92.62. Crude oil is expected to find its first resistance at 93.98, and a rise through could take it to the next resistance level of 94.42.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
