Crude Oil Movement
Crude Oil prices advanced 2.01% against the USD for the 24 hour period ending 23:00GMT, closing at 94.69, after the Organization of the Petroleum Exporting Countries (OPEC) stated that the cartel may slash its production targets. Meanwhile, reports of rockets hitting an area near a refinery in Libya raised supply concerns of the commodity. Separately, data from the American Petroleum Institute (API) showed that the US crude inventories rose by 3.3 million barrels to 362.4 million barrels, in the week ended 12 September against market expected decline of 1.6 million barrels.
In the Asian session, at GMT0300, the pair is trading at 94.79, with the oil trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 93.1033, and a fall through could take it to the next support level of 91.4167. The pair is expected to find its first resistance at 95.8333, and a rise through could take it to the next resistance level of 96.8767.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
