Crude Oil Movement
Crude Oil prices advanced 0.56% against the USD for the 24 hour period ending 23:00GMT, closing at 93.38, following the failure of nuclear talks between world powers and Iran and amid conflicts in Nigeria.
On Saturday, Iran and a group that consists of the US, Britain, France, China, Russia and Germany failed to conclude an interim deal on Iran’s nuclear work. Meanwhile, in Nigeria, Africa’s largest crude producer, the main rebel group stated that it killed 15 security personnel in an attack in the southern oil-producing Bayelsa state.
In the Asian session, at GMT0300, Crude Oil is trading at 93.56, 0.19% higher from yesterday’s close.
Investors look forward to the crude oil inventories data by the American Petroleum Institute, due later today and the Energy Information Administration US oil stockpile report due tomorrow.
Crude oil is expected to find support at 92.76, and a fall through could take it to the next support level of 91.97. Crude oil is expected to find its first resistance at 94.05, and a rise through could take it to the next resistance level of 94.55.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
