Oil Prices Surges as US House Passes Budget Bill

Oil Prices Surges as US House Passes Budget Bill

Crude Oil prices advanced 1.18% against the USD for the 24 hour period ending 23:00GMT, closing at 92.73, amid rise in demand prospects after the US lawmakers reached a deal to avert automatic tax increases and spending cuts that threatened growth in the world's biggest economy.

Further, oil prices climbed after manufacturing activity in the US grew at a faster rate in December than the market expectations.

In the Asian session, at GMT0400, Crude Oil is trading at 92.82, 0.10% higher from yesterday's close.

Crude oil is expected to find support at 92.19, and a fall through could take it to the next support level of 91.57. Crude oil is expected to find its first resistance at 93.65, and a rise through could take it to the next resistance level of 94.49.

The American Petroleum Institute and the US government's Energy Information Administration would release their report on Thursday and Friday respectively, delayed due to the New Year day's holiday on Tuesday.