Crude oil Movement
Crude oil prices advanced 1.09% against the USD for the 24 hour period ending 23:00GMT, closing at 92.01, as recent positive US economic data raised expectation that the demand for oil would rise from its biggest consumer.
Additionally, ongoing turmoil in the Middle East also supported prices.
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 92.06, marginally higher from yesterday’s close.
Crude oil is expected to find support at 91.02, and a fall through could take it to the next support level of 89.97. Crude oil is expected to find its first resistance at 92.72, and a rise through could take it to the next resistance level of 93.37.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
