Crude Oil Movement
Oil prices advanced 5.21% against the USD for the 24 hour period ending 23:00GMT, closing at 91.69, amid strong Chinese manufacturing data and investors’ hopes that European Officials would find a definite solution to stem the debt crisis in the meeting on Wednesday.
In the Asian session, at GMT0300, Crude Oil is trading at 91.62, 0.08% lower from yesterday’s close.
Crude oil is expected to find support at 88.77, and a fall through could take it to the next support level of 85.91. Crude oil is expected to find its first resistance at 93.18, and a rise through could take it to the next resistance level of 94.73.
Crude Oil is trading above its 20 Hr and 50 Hr moving averages.
