Crude Oil Movement
Oil prices advanced 0.96% against the USD for the 24 hour period ending 23:00GMT, closing at 88.09, amid hopes that demand for oil would rise following speculation that Federal Reserve Chairman, Ben Bernanke, could signal more stimulus this week to boost the slowing economy.
Investors await the oil inventory reports later today and tomorrow to offer guidance to oil prices.
In the Asian session, at GMT0300, Crude Oil is trading at 88.54, 0.51% higher from yesterday’s close.
Crude oil is expected to find support at 87.05, and a fall through could take it to the next support level of 85.56. Crude oil is expected to find its first resistance at 89.39, and a rise through could take it to the next resistance level of 90.24.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
