Crude Oil Movement
Crude Oil prices advanced 0.41% against the USD for the 24 hour period ending 23:00GMT, closing at 92.06.
Earlier, Oil prices were under pressure after weak Chinese economic data over the weekend lowered the outlook for energy demand. Additionally, a rise in Saudi Arabia’s crude production in February also underpinned crude prices.
In the Asian session, at GMT0400, Crude Oil is trading at 92.08, marginally higher from yesterday’s close.
Investors await the oil inventory data due later today and tomorrow, to offer further guidance on oil prices.
Crude oil is expected to find support at 91.22, and a fall through could take it to the next support level of 90.36. Crude oil is expected to find its first resistance at 92.61, and a rise through could take it to the next resistance level of 93.14.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
