Crude Oil Movement
Crude Oil prices advanced 0.30% against the USD for the 24 hour period ending 23:00GMT, closing at 94.11, as the dollar weakened.
However oil traders remained cautious, after a poll released by Politico indicated that more than half of House of Republicans were willing to let the US government default on its debt. Investors speculated that such a default could damage the global economy, lessening the demand for crude oil. Additionally, investors await the oil inventory report later today and tomorrow to offer further guidance on oil prices.
In the Asian session, at GMT0400, Crude Oil is trading at 93.85, 0.28% lower from yesterday’s close.
Crude Oil is expected to find support at 93.10, and a fall through could take it to the next support level of 92.36. Crude Oil is expected to find its first resistance at 94.44, and a rise through could take it to the next resistance level of 95.04.
Crude Oil is showing convergence with its 20 Hr and 50 Hr moving averages.
