Crude Oil Movement
Oil prices advanced 1.99% against the USD for the 24 hour period ending 23:00GMT, closing at 98.06.
In the Asian session, at GMT0300, Crude Oil is trading at 97.79, 0.28% lower from yesterday’s close.
Crude oil is expected to find support at 96.7, and a fall through could take it to the next support level of 95.6. Crude oil is expected to find its first resistance at 98.54, and a rise through could take it to the next resistance level of 99.28.
Investors await the oil inventory reports later today and tomorrow to offer guidance to oil prices.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
