Crude Oil Movement
On Friday, Crude Oil prices advanced 0.52% against the USD, closing at 91.95, helped by a positive US February jobs report. A report released by the Labor Department last Friday showed that the US employers added 236,000 new jobs last month and that the unemployment rate fell to 7.7% from 7.9% in January.
In the Asian session, at GMT0400, Crude Oil is trading at 91.79, 0.17% lower from Friday’s close, amid news that Saudi Arabia, the largest oil producer in the Organization of Petroleum Exporting Countries has raised its crude production in February.
Oil prices also came under pressure on demand growth concerns as latest data from China pointed to an uneven economic recovery in the world’s second-biggest oil consumer. Economic data indicated that China’s inflation posted at a 10-month high in February, while weaker factory output and disappointing retail sales data also weighed on investor sentiment.
Crude oil is expected to find support at 91.07, and a fall through could take it to the next support level of 90.35. Crude oil is expected to find its first resistance at 92.27, and a rise through could take it to the next resistance level of 92.75.
Crude oil is trading just above its 20 Hr and 50 Hr moving averages.
