Crude Oil Movement
Crude Oil prices advanced 1.40% against the USD for the 24 hour period ending 23:00GMT, closing at 95.07, on worries of supply disruption after a flood in Alberta resulted in a shutdown of three pipelines.
In the Asian session, at GMT0300, Crude Oil is trading at 94.89, 0.19% lower from yesterday’s close.
In the day ahead, market participants await the weekly crude oil inventory data from the American Petroleum Institute.
Crude oil is expected to find support at 93.18, and a fall through could take it to the next support level of 91.46. Crude oil is expected to find its first resistance at 96.10, and a rise through could take it to the next resistance level of 97.30.
Crude oil is trading just above its 20 Hr and 50 Hr moving averages.
