Crude Oil Movement
Oil prices advanced 0.93% against the USD for the 24 hour period ending 23:00GMT, closing at 96.79, as a broadly weaker US dollar and indications of strong US oil demand boosted prices. Crude prices found further support as investors stepped in to the market for bargain buying following Wednesday’s plunge, amid fears over an escalation of violence in Saudi Arabia.
In the Asian session, at GMT0400, Crude Oil is trading at 96.36, 0.44% lower from yesterday’s close.
Crude oil is expected to find support at 95.56, and a fall through could take it to the next support level of 94.77. Crude oil is expected to find its first resistance at 97.23, and a rise through could take it to the next resistance level of 98.11.
Crude Oil is trading below its 20 Hr and 50 Hr moving averages.
