Crude Oil Movement
Oil prices advanced 1.57% against the USD for the 24 hour period ending 23:00GMT, closing at 94.03, as the Greece ruling party revolted against the referendum and rate cut from the European Central Bank renewed hopes about the resolution of debt crisis.
In the Asian session, at GMT0400, Crude Oil is trading at 93.83, 0.21% lower from yesterday’s close.
Crude oil is expected to find support at 91.60, and a fall through could take it to the next support level of 89.36. Crude oil is expected to find its first resistance at 95.34, and a rise through could take it to the next resistance level of 96.84.
Crude Oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
