Crude Oil Movement
On Friday, Crude Oil prices advanced 0.19% against the USD for the period ending 21:00GMT, closing at 93.45, as investor sentiment was buoyed by upbeat core consumer sentiment and industrial production data in the US.
In the Asian session, at GMT0400, Crude Oil is trading at 92.39, 1.13% lower from Friday’s close.
The Saudi kingdom shipped 7.09 million barrels a day, up 30,000 barrels a day from December, while Iraq increased daily exports in January by 10,000 barrels to 2.36 million barrels a day.
Crude oil is expected to find support at 91.74, and a fall through could take it to the next support level of 91.09. Crude oil is expected to find its first resistance at 93.44, and a rise through could take it to the next resistance level of 94.49.
Crude oil is trading way below its 20 Hr and 50 Hr moving averages.
